Asian Shares Mostly Higher Despite Trump's Tariff Threats

(RTTNews) - Asian stocks ended Thursday's session mostly higher, unfazed by U.S. President Donald Trump's latest tariff salvos.

After threatening tariffs on copper and pharma, Trump upped the stakes in his global trade war with a fresh round of tariffs on imports from eight nations.

He imposed a 50 percent tariff on Brazilian imports over Jair Bolsonaro's prosecution, prompting sharp retaliation from President Lula.

Gold edged higher on a softer dollar and lower bond yields while oil prices were little changed in Asian trade on signs of rising U.S. stockpiles and concerns about global economic outlook.

China's Shanghai Composite index rose 0.48 percent to 3,509.68 and Hong Kong's Hang Seng index climbed 0.57 percent to 24,028.37 as investors looked through the latest tariff headlines. EV and real estate stocks rallied after Beijing pledged policy support for job stability.

Japanese markets ended lower amid uncertainty over tariffs and an upcoming election. The Nikkei average dropped 0.44 percent to 39,646.36 while the broader Topix index settled 0.56 percent lower at 2,812.34.

Seoul stocks rose for the fourth consecutive session to climb to a near four-year high as the Bank of Korea kept its benchmark interest rate unchanged, citing concerns over rising house prices.

Semiconductor shares rose following a big tech rally on Wall Street overnight led by Nvidia. The Kospi average jumped 1.58 percent to 3,183.23, marking the highest closing level since Sept. 7, 2021.

SK Hynix, a key supplier to Nvidia, soared 5.7 percent and internet platform Naver rallied 2.2 percent.

Australian markets advanced, led by banks and miners. Gold stocks rebounded after their sharpest plunge in three weeks in the previous session.

The benchmark S&P/ASX 200 rose 0.59 percent to 8,589.20 while the broader All Ordinaries index closed up 0.56 percent at 8,826.70.

Across the Tasman, New Zealand's benchmark S&P/NZX-50 index finished marginally lower at 12,760.20.

U.S. stocks rose overnight after the minutes from the Fed's mid-June meeting showed support for a rate cut later this year.

Officials noted that economic growth and the labor market remain solid and that price shocks from Trump's import taxes will be "temporary or modest."

The tech-heavy Nasdaq Composite climbed 0.9 percent to close at a record high, while the S&P 500 gained 0.6 percent and the Dow added half a percent.