Asian Shares Mixed As Tariff Worries Weigh

(RTTNews) - Asian shares ended mixed on Thursday as U.S. President Donald Trump floated a 25 percent "reciprocal" tariff on European cars and other goods and signaled another month-long extension for looming levies on Canada and Mexico.

U.S. Commerce Secretary Howard Lutnick clarified that the "big transaction" would be April 2, but the "fentanyl-related" tariffs would be re-evaluated at the end of the 30-day pause on March 4, stoking uncertainty.

China's Shanghai Composite index rose 0.23 percent to 3,388.06 after a choppy session as investors braced for the National People's Congress next week.

Hong Kong's Hang Seng index dropped 0.29 percent to 23,718.29 as a tech-driven rally took a breather following Nvidia's upbeat earnings forecast and amid concerns over U.S. tariffs on semiconductor chips and key exports.

Japanese markets eked out modest gains as a weaker yen helped lift export-related stocks. The Nikkei average rose 0.30 percent to 38,256.17 while the broader Topix index settled 0.73 percent higher at 2,736.25.

Shares of convenience store operator Seven & i Holdings plummeted 11 percent after the founding Ito family of the company failed to secure financing for a $58 billion management buyout.

Seoul stocks fell notably, with the Kospi average ending down 0.73 percent at 2,621.75. Chipmaker SK Hynix, a main supplier for Nvidia, dropped 1.9 percent and automaker Hyundai Motor lost 2.2 percent on Trump's tariff threats.

Australian markets closed higher led by mining and gold stocks. The benchmark S&P/ASX 200 ended up 0.33 percent at 8,268.20 after RBA Deputy Governor Andrew Hauser said policymakers expect to receive more good news on inflation before removing the restrictiveness of policy.

The broader All Ordinaries index closed up 0.34 percent at 8,506.10. Qantas Airways surged 5.6 percent as the airline reported strong half-year earnings and announced its first post-pandemic dividend.

Across the Tasman, New Zealand's benchmark S&P/NZX-50 index jumped 0.71 percent to 12,540.87, extending gains from the previous session.

U.S. stocks ended mixed overnight after President Trump threatened to slap 25 percent tariff on imports from the European Union and indicated that the effective date of the levies on imports from Mexico and Canada could be pushed back from March 4th to April 2nd, the same day he purportedly plans to announce reciprocal tariffs on other U.S. trade partners.

The S&P 500 ended marginally higher and the tech-heavy Nasdaq Composite edged up by 0.3 percent to snap four-session losing streaks as chip stocks rebounded ahead of AI darling Nvidia's results.

The narrower Dow dipped 0.4 percent after two straight days of slight gains.