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Asia-Pacific markets 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 0.18% while the broader Topix index was flat.
In South Korea, the Kospi index increased by 1.01% while the small-cap Kosdaq was flat.
Mainland China’s CSI 300 index added 0.2% while Hong Kong’s Hang Seng Index ticked up 0.18%.
Over in Australia, the S&P/ASX 200 benchmark was flat before the Reserve Bank of Australia announced its monetary policy stance. The central bank is expected to cut interest rates by 25 basis points to 3.6% when its two-day policy meeting concludes later today.
— CNBC’s Kevin Brueninger, Lisa Kailai Han and Sarah Min contributed to this report.
