CANBERA (dpa-AFX) - Asian stocks ended mostly higher on Tuesday as U.S. President Donald Trump gave an additional three-week grace period for tariff negotiations after unveiling new tariff rates for 14 trading partners.
The dollar fell while gold was steady as investors weighed Trump's new tariff threats and global growth risks. Oil traded lower after a decision by OPEC+ to restore more idled capacity.
China's Shanghai Composite index surged 0.70 percent to 3,497.48, with banks rallying as investors hunted for yield. Hong Kong's Hang Seng index climbed 1.09 percent to 24,148.07.
A weaker yen lifted Japanese stocks, with the Nikkei average closing up 0.26 percent at 39,688.81, led by chip-related stocks. The broader Topix index settled 0.17 percent higher at 2,816.54. Honda Motor rose 0.8 percent and Advantest gained 2.5 percent.
Nissan Motor plunged 6.4 percent to extend losses for a third consecutive session on reports it is in talks with Taiwan's Foxconn to let the electronics giant produce electric vehicles at a Japanese plant.
Seoul stocks extended gains for a second consecutive session, with the Kospi average closing up 1.81 percent at 3,114.95, brushing off uncertainties over U.S. tariff policies.
Financial and energy shares topped the gainers list, with Hana Financial Group surging 10.3 percent, Woori Financial rallying 8.3 percent and Korea Electric Power climbing 4.5 percent.
Samsung Electronics dipped half a percent after it projected a far worse than expected 56 percent plunge in second-quarter operating profit.
Australian markets fluctuated before ending marginally higher as the Reserve Bank of Australia held interest rates at 3.85 percent in an unexpected move and a survey showed Australia's business sentiment improved sharply in June.
Across the Tasman, New Zealand's benchmark S&P/NZX-50 index rose 0.74 percent to 12,859.02 on optimism over potential trade deals.
Overnight, U.S. stocks fell sharply on renewed trade, inflation and growth concerns as President Trump revealed plans to impose new tariffs on imports from at least seven countries.
Trump, in a series of Truth Social posts, shared signed letters addressed to various world leaders detailing new tariff rates set to take effect on August 1.
Imports from Japan, South Korea, Malaysia and Kazakhstan are now set to face 25 percent tariffs, according to the letters.
South African imports will be subject to a 30 percent tariff, while imports from Laos and Myanmar will face a 40 percent tariff.
Trump also warned that tariffs could be raised above the respective rates if the countries respond with their own tariffs on the U.S.
The Dow and the tech-heavy Nasdaq Composite both shed around 0.9 percent while the S&P 500 declined 0.8 percent.
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