Asia Mixed Amid Claims of “Done” Deal with China

Asia-Pacific markets traded mixed as investors assessed U.S. President Donald Trump’s declaration that a trade deal with China was “done.”In Japan, the Nikkei 225 let go of 248.10 points, or 0.7%, to 38,173.09. In Hong Kong, the Hang Seng dumped 331.56 points, or 1.4%, to 24,035.38CHINA In Shanghai, the CSI 300 subtracted 2.43 points, or 0.1%, to 3,892.20.Chinese imports would invite 55% tariffs, Trump suggested. U.S. Commerce Secretary Howard Lutnick confirmed that tariffs on China will stay at that level.Trump said earlier in a Truth Social post that the deal with China was “done, subject to final approval with President Xi and me.”As part of the deal framework, he said that magnets and “any necessary rare earths” will be supplied up front by China and the U.S. will allow Chinese students to attend U.S. colleges and universities, adding that “WE ARE GETTING A TOTAL OF 55% TARIFFS, CHINA IS GETTING 10%.”In other markets In Korea, the Kospi index gained 12.99 points, or 0.5%, to 2,920.03.In Taiwan, the Taiex index dropped 182.28 points, or 0.8%, to 22,287.22.In Singapore, the Straits Times index recovered 3.15 points, or 0.1%, to 3,922.20In New Zealand, the NZX 50 added 43.17 points, or 0.3%, to 12,649.10.In Australia, the ASX 200 fell 26.99 points, or 0.3%, to 8,565.11.