Asian Shares Mixed Amid Trump's Tariff Fears

(RTTNews) - Asian stocks were mixed in thin holiday trade on Monday, with markets in Hong Kong, Australia and New Zealand shut due to the Easter holiday.

The U.S. dollar tumbled after U.S. President Donald Trump threatened to fire Fed Chair Powell over rate cuts and released an eight-point list targeting what he calls "non-tariff cheating" by foreign nations -- a warning he said could impact diplomatic and trade ties with the United States.

White House economic adviser Kevin Hassett said on Friday that the president and his team are examining the legal feasibility of removing Powell and that had acted politically to benefit Democrats.

Just a day before, Trump blasted Powell on for not lowering interest rates, calling him "always TOO LATE AND WRONG."

Meanwhile, U.S.-China relations continued to sour, with China's Commerce Ministry saying it would retaliate against nations cooperating with the USA's tariff wars. Oil prices fell over 1 percent in Asian trade on demand concerns.

Gold continued its upward trend as escalating global trade tensions and a weaker dollar boosted demand for the precious metal.

Bullion was up more than 2 percent in Asian trade, nearing $3,400 per ounce after Trump's social media post highlighted the crucial role of gold in global economic and political dynamics.

In a post on Truth Social, the president declared, "THE GOLDEN RULE OF NEGOTIATING AND SUCCESS: HE WHO HAS THE GOLD MAKES THE RULES."

China's Shanghai Composite index rose 0.45 percent to 3,291.43 as the People's Bank of India expectedly kept its loan prime rates unchanged, continuing its trend from last year.

Japanese markets fell sharply as the yen strengthened to its highest level since September against a broadly weaker U.S. dollar amid cautiousness over the U.S.-China trade tensions.

The Nikkei average tumbled 1.30 percent to 34,279.92 while the broader Topix index settled 1.18 percent lower at 2,528.93.

Export-related stocks were hit hard ahead of currency talks between Japanese and U.S. finance chiefs later this week. Toyota Motor shed 2.9 percent and Suzuki Motor lost 3.9 percent.

Seoul stocks edged up slightly, with the Kospi average closing up 0.20 percent at 2,488.42 to extend gains for a third day running, even as preliminary April data revealed significant declines in shipments to the U.S. and China, clouding the growth outlook for the Asian export powerhouse.