Asia-Pacific markets traded mixed Wednesday, with China stocks declining after U.S. President Donald Trump’s comments on imposing a 10% tariff on China.
In Japan, the Nikkei 225 popped 618.27 points, or 1.6%, to 39,646.25.
In Hong Kong, the Hang Seng index fell 327.78 points, or 1.6%, to 19,778.77.
Shares in several Korean tech stocks rallied with SK Hynix and LG Electronics leading gains by 2.52% and 2.85% respectively. This follows reports on Korean firms considering moving their production plants from Mexico to the U.S. following Trump’s protectionist policies.
CHINA
China’s CSI 300 docked 35.59 points, or 0.9%, to 3,797.02
Trump said that his team was discussing a 10% tariff on China and that the duty could take effect as early as Feb. 1.
Trump said he was considering 25% tariffs on Mexico and Canada on Feb. 1 because of their border policies while signing first-day executive orders in the White House Monday night. He also mentioned China, noting that the U.S. could put tariffs on the country if it doesn’t approve a TikTok deal.
In other markets
In Singapore, the Straits Times index backtracked 14.16 points, or 0.4%. to 3,781.21
In Korea, the Kospi index recovered 29.03 points, or 1.2%, to 2,547.06.
In Taiwan, the Taiex index gained 225.4 points, or 1%, to 23,525.41
In New Zealand, the NZX 50 doffed 15.76 points, or 0.1%, to 13,037.14
In Australia, the ASX 200 picked up 27.4 points, or 0.3%, to 8,429.79
