Asian Shares Mixed Amid Trump Uncertainties

(RTTNews) - Asian stocks ended Tuesday's session on a mixed note as U.S. President Donald Trump announced plans to impose 25 percent tariffs on imports from Canada and Mexico, and said tariffs on China could hinge on a deal over TikTok's ownership.

The dollar fell and gold hit a ten-week high after Trump held off from imposing sweeping trade tariffs in his first day in office and announced a national energy emergency in order to end the inflation crisis.

Oil prices traded mixed in Asian trade in the wake of Trump's plan to boost oil and gas production in the United States and lower costs for consumers.

China's Shanghai Composite index ended marginally lower at 3,242.62 after a choppy session.

Hong Kong's Hang Seng index jumped 0.91 percent to 20,106.55, with property developers in focus after Bloomberg reported that officials are taking steps to stabilize operations at China Vanke Co.

Japanese markets eked out modest gains amid expectations the Bank of Japan will raise its key short-term interest rate at the end of a two-day policy meeting later this week.

The Nikkei average edged up by 0.32 percent to 39,027.98 while the broader Topix index settled marginally higher at 2,713.50.

Seoul stocks ended little changed, with the Kospi average finishing marginally lower at 2,518.03 after Trump said he would address unfair trade practices globally.

Battery, chemical and refinery shares underperformed, with SK Innovation, LG Chem and LG Energy Solution falling 4-5 percent.

Australian markets rose notably, lifted by banks and miners. The benchmark S&P/ASX 200 climbed 0.66 percent to 8,402.40 while the broader All Ordinaries index closed up 0.68 percent at 8,652.70.

BHP rose about 1 percent after reporting higher second-quarter production. Wesfarmers advanced 1.6 percent after the top retailer announced plans to shut down its online marketplace, Catch, by the fourth quarter of the 2025 financial year.

Across the Tasman, New Zealand's benchmark S&P/NZX 50 index dropped 0.27 percent to 13,052.90.