Asia Mixed, Trump Shifts Goalposts on Tariffs

Asia-Pacific markets traded mixed on Monday after U.S. President Donald Trump confirmed that “reciprocal” tariffs, first announced in April, will take effect on Aug. 1 for countries that haven’t struck a deal.

In Japan, the Nikkei 225 sank 223.2 points, or 0.6%, to 39,537.68.

In Hong Kong, the Hang Seng lost 28.23 points, or 0.1%, to 23,887.83.

Trump added in a separate announcement Sunday that an additional 10% tariff would be charged to countries “aligning themselves with the anti-American policies of BRICS” without elaborating. His announcement came as the BRICS bloc of developing countries gathered in Rio de Janeiro, Brazil, for a two-day summit.

Earlier on Sunday, Treasury Secretary Scott Bessent said that tariffs introduced in April will be enforced starting August 1 for countries that haven’t finalized an agreement with the Trump administration. While Bessent dismissed the notion that August 1 represents a fresh deadline, he acknowledged that the new date could allow trading partners additional time to renegotiate tariff terms.

Australian markets settled, after the Reserve Bank of Australia kicks started its two-day meeting, where it is widely expected to cut rates by 25 basis points to 3.60%.

In other markets,

In Shanghai, the CSI 300 subtracted 17.03 points, or 0.4%, to 3,965.17

In Korea, the Kospi index nosed up 5.19 points, or 0.2%, to 3,059.47

In Singapore, the Straits Times index recovered 18.24 points, or 0.5%, to 4,031.86.

In Taiwan, the Taiex index tumbled 118.78 points, or 0.5%, to 22,428.72.

In New Zealand, the NZX 50 slid 1.66 points to 12,764.95.

In Australia, the ASX 200 fell 13.67 points, or 0.2%, to 8,589.30.