Asian markets gained in early trading Tuesday, despite fresh threats from President Donald Trump to raise tariffs on imports from China.
Trump on Monday told reporters that the U.S. would raise tariffs against China if President Xi Jinping did not attend the G-20 meeting later this month in Japan. There have been no indications that Xi is planning on skipping the summit, and he is expected to meet with Trump there. Trump also predicted that tariffs would drive China to make a trade deal.
“The China deal is going to work out. You know why? Because of tariffs,” Trump said.
Japan’s Nikkei NIK, +0.22% rose 0.3% and Hong Kong’s Hang Seng Index HSI, +0.76% gained 0.6%. The Shanghai Composite SHCOMP, +1.87% surged 1.3% and the smaller-cap Shenzhen Composite 399106, +2.82% jumped 1.9%. South Korea’s Kospi 180721, +0.27% advanced 0.3%, and benchmark indexes in Taiwan Y9999, +0.32% and Singapore STI, +0.47% rose while Indonesian stocks JAKIDX, -0.05% slipped. Australia’s S&P/ASX 200 XJO, +1.25% gained 1.3%.
Among individual stocks, Japan Steel 5631, +1.78% rose in Tokyo trading, along with Mitsubishi UFJ 8306, +1.42% , while Fast Retailing 9983, -1.85% slid. In Hong Kong, AAC 2018, +3.06% and Sunny Optical 2382, +2.91% rose, and LG Electronics 066570, +5.52% surged in South Korea. BHP BHP, +1.66% and Beach Energy BPT, +1.07% advanced in Australia.
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