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Asia-Pacific markets mostly rose after U.S. President Donald Trump announced steep tariffs on 14 trading partners, including Japan and South Korea.
Goods exported to the U.S. from Japan, South Korea, Malaysia, Kazakhstan and Tunisia are now set to face 25% tariffs starting Aug. 1, according to the letters Trump posted on Truth Social.
Other Asia-Pacific markets facing higher tariffs include Indonesia, which will be hit with a 32% excise duty, Bangladesh, which was slapped with a 35% duty, as well as Cambodia and Thailand, which are set for 36% tariff rates, the president’s letters indicated.
Meanwhile, imports from Laos and Myanmar will face a 40% duty, Trump’s letters posted on Truth Social showed.
Japan’s Nikkei 225 benchmark added 0.36% in early trade while the broader Topix index ticked up 0.31%.
In South Korea, the Kospi index increased by 0.44% while the small-cap Kosdaq was up 0.19%.
Over in Australia, the S&P/ASX 200 benchmark declined 0.44%. The Reserve Bank of Australia is expected to cut interest rates by 25 basis points to 3.6% when its two-day policy meeting concludes later in the day.
Futures for Hong Kong’s Hang Seng index stood at 23,886 pointing to a marginally weaker open compared to the HSI’s last close of 23,887.83.
— CNBC’s Kevin Brueninger, Lisa Kailai Han and Sarah Min contributed to this report.
