Asian Shares Slide As Trump's Reciprocal Tariff Deadline Looms

(RTTNews) - Asian stocks ended mostly lower on Friday as investors held to the sidelines, awaiting cues from the release of the Fed's preferred inflation gauge later in the day and the U.S. reciprocal tariffs set to take effect on April 2.

The dollar was steady in Asian trade and gold touched a new record high while oil prices dipped slightly but hovered near one-month highs on supply concerns.

China's Shanghai Composite index fell 0.67 percent to 3,351.31 and Hong Kong's Hang Seng index dropped 0.65 percent to 23,426.60 as investors remained wary of U.S. tariff risks.

Japanese markets ended at a two-week low on concerns that Trump's tariffs could hit domestic production and auto sector jobs.

Adding to investor anxiety, data showed Tokyo's inflation quickened to 2.9 percent in March from 2.8 percent in February, keeping the Bank of Japan on rate hike path.

The Nikkei average tumbled 1.80 percent to 37,120.33 while the broader Topix index settled 2.07 percent lower at 2,757.25. Honda Motor and Toyota Motor fell 2.6 percent and 2.8 percent, respectively.

Seoul stocks fell sharply on trade war jitters. The Kospi average fell 1.89 percent to 2,557.98 ahead of a meeting of top trade officials from South Korea, Japan and China this weekend to discuss economic cooperation amid increasing trade pressure from the U.S.

Samsung Electronics, Posco Holdings and Hyundai Motor all fell around 3 percent while Lotte Chemical plunged 5.6 percent.

Australian markets ended slightly higher as Prime Minister Anthony Albanese called an election for May 3, kicking off what's expected to be a closely fought campaign.

The benchmark S&P/ASX 200 edged up by 0.16 percent to 7,982 while the broader All Ordinaries index settled 0.12 percent higher at 8,195.50. Gold miners topped the gainers list as bullion prices hit another record high.

Across the Tasman, New Zealand's benchmark S&P/NZX-50 index ended 0.15 percent lower at 12,287.46.

U.S. stocks ended lower overnight as investors remained wary of President Trump's tariff policies.

Economic data offered some relief, with the U.S. economy growing slightly faster than previously estimated in the fourth quarter of 2024, weekly jobless claims slipping last week and pending home sales rebounding in February.

The tech-heavy Nasdaq Composite slid half a percent, the Dow lost 0.4 percent and the S&P 500 gave up 0.3 percent.