World shares mostly rise as markets shrug off Trump's tariff pressures

In Asia, Japan's Nikkei 225 added 0.3% to 39,688.81 while South Korea’s Kospi surged 1.8% to 3,114.95.

Hong Kong’s Hang Seng index climbed 1.1% to 24,140.13 while the Shanghai Composite gained 0.7% to 3,497.48. Australia’s S&P/ASX 200 edged 0.1% lower to 8,590.70.

Stocks on Wall Street closed broadly lower on Monday as the White House stepped up pressure on major trading partners to make deals before punishing tariffs imposed by the U.S. take effect.

The S&P 500 fell 0.8% for its biggest loss since mid-June. The benchmark index remains near its all-time high set last week.

The Dow Jones Industrial Average gave back 0.9% while the Nasdaq composite also finished 0.9% lower, not too far from its own record high.

The losses were widespread. Decliners outnumbered gainers by nearly 4 to 1 on the New York Stock Exchange.

It came after the Trump administration released letters informing Japan and South Korea that their goods will be taxed at 25% starting on Aug. 1, citing persistent trade imbalances with the two crucial U.S. allies in Asia. U.S. President Donald Trump also announced new tariff rates on Malaysia, Kazakhstan, South Africa, Laos and Myanmar.

Just before hefty U.S. tariffs on goods imported from nearly every country around the globe were to take effect in April, Trump postponed the levies for 90 days in hopes that foreign governments would be more willing to strike new trade deals. That 90-day negotiating period was set to expire before Wednesday.

In a post on his social media platform late Sunday, Trump also said any country that aligns itself with what he termed “the Anti-American policies of BRICS” would be levied an added 10% tariff. BRICS member nations include Brazil, Russia, India, China, South Africa, Egypt, United Arab Emirates, Ethiopia, Indonesia, and Iran. Saudi Arabia has also been invited to join.

“Financial markets have reacted to news of higher US tariffs in sanguine fashion,” Chris Turner, ING’s global head of markets, wrote in a commentary. “Presumably, the view is now that there are more deals to be done before the 1 August deadline.”

He said equity markets have recovered most of their initial losses, bond markets have barely budged and in FX, Asian currencies have bounced back.

In other dealings on Tuesday, benchmark U.S. crude oil lost 29 cents to $67.64 per barrel. Brent crude, the international standard, gave up 18 cents to $69.40.

The dollar was trading at 146.17 to the Japanese yen, up from 146.01 yen. The euro rose to $1.1752 from $1.1714.

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AP Business Writer Alex Veiga contributed to this report.