South Korean markets hit fresh highs Tuesday, even after U.S. President Donald Trump took aim at the country overnight, saying he would increase tariffs on Asia’s fourth-largest economy.
Trump said on Truth Social that the country’s legislature has not approved Seoul’s trade deal with Washington, and that tariffs on the South Korea will climb to 25%, from 15%.
The Kospi reversed losses to gain 2.73%, leading Asian markets and reaching an all-time high of 5,084.85.
Auto heavyweights Hyundai and Kia plunged as much as 4% and 5%, respectively, at the open. But both pared losses with Hyundai last trading 0.81% lower, while Kia was still down 1.1%.
In Japan, the Nikkei 225 recovered Tuesday from heavy losses Monday, gaining 448.29 points, or 0.9%, to 53,333.54
Hong Kong’s Hang Seng index popped 361.43 points, or 1.4%, to 26,126.95.
Shares of Anta Sports in Hong Kong inched up after the company announced a $1.8-billion purchase of a 29.06% stake in sportswear giant Puma. The stock was up 1.57%.
In other markets
The CSI 300 in Shanghai deleted 1.27 points to 4,705.69.
In Taiwan, the Taiex vaulted 253.4 points, or 0.8%, to 32,317.92.
In Singapore, the Straits Times Index regained 50.14 points, or 0.4%. to 4,923.09.
Markets in Australia and New Zealand returned from long weekends, the ASX picking up 81.53 points, or 0.9%, to 8,941.62, while the NZX gathered 50.14 points, or 0.4%, to 13,510.88.
