Asian stock markets are trading mostly lower on Thursday, despite the broadly positive cues from Wall Street overnight, after US President Donald Trump announced steeper-than-expected reciprocal tariffs on US trade partners, heightening concerns over a global trade war that could destabilize major economies. White House press secretary Karoline Leavitt indicated the new levies will be "effective immediately." Asian Markets closed mostly higher on Wednesday.
Trump imposed an additional 34 percent tariff on Chinese imports, raising total levies on China to 54 percent. Australia was hit with a 10 percent tariff, Japan was struck with a 24 percent tariff, alongside the 25 percent levies on auto and auto parts imports, dealing a heavy blow to Japan's auto industry.
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