Asia-Pacific stocks mixed on Tuesday following an overnight slump on Wall Street after U.S. President Trump intensified criticism of Fed Chair Powell, calling him "a major loser" for not cutting interest rates. The US has imposed steep new duties—ranging up to 3,521%—on solar imports from Cambodia, Malaysia, Thailand, and Vietnam, which together supply the majority of its solar panels. Gold surged past $3,480 per ounce on Tuesday, setting a new record, driven by risk aversion amid growing economic uncertainty. Japan ( NKY:IND ) fell 0.10% to below 34,200 while the broader Topix Index lost 0.2% to 2,523 on Tuesday, extending losses from the previous session. The Japanese yen climbed to around 140.5 per dollar on Tuesday, hovering at a seven-month high. Domestically, attention turns to next week’s Bank of Japan policy meeting. China ( SHCOMP ) rose 0.31% struggled for direction on Tuesday, with the Shanghai Composite edging up 0.2% toward 3,300 while the Shenzhen Component dipped 0.25% to 9,880, and the offshore yuan depreciated to around 7.31 per dollar on Tuesday, pressured by renewed US–China trade tensions. Additionally, the yuan found some support as the People’s Bank of China pushed for greater global use by urging state firms to settle trade in yuan and expand cross-border credit. Hong Kong ( HSI ) fell 0.09% to 21,292 in early trade on Tuesday. Trading resumed in the city after the holiday break, weighed down by fresh tensions as China warned it would retaliate against any trade deals with the U.S. that undermine its interests. India ( SENSEX ) rose 0.35% In response to a significant increase in inexpensive steel shipments, primarily originating from China, India, the world's second-largest producer of crude steel, has levied a temporary 12% tariff, known domestically as a safeguard duty, on specified steel imports. This duty, effective for 200 days commencing Monday, April 21st, is designed to protect domestic producers from perceived unfair market pressures. India’s Finance Minister Nirmala Sitharaman will meet US Treasury Secretary Scott Bessent in Washington this week, as both nations move toward finalizing a trade pact later this year. Australia ( AS51 ) fell 0.04% to dip below the 7,800 mark on Tuesday, erasing some of last week’s gains as markets reopened following a long weekend. The Australian dollar rose above $0.64 on Tuesday, reaching its highest level in over four months. Market participants are also eyeing Australia’s upcoming PMI data later this week for additional insight into the health of the domestic economy. In the U.S., on Monday, all three major indexes ended lower after President Trump escalated his criticism of Fed Chair Jerome Powell, stoking fears over the central bank’s independence and rattling investor confidence. U.S. stock futures rose on Tuesday after a sharp selloff in the prior session, driven by renewed concerns over the Federal Reserve's independence: Dow +0.30% ; S&P 500 +0.34% ; Nasdaq +0.40% . Investors now look ahead to a fresh batch of earnings reports on Tuesday, headlined by Tesla's quarterly results. Currencies: ( JPY:USD ), ( CNY:USD ), ( AUD:USD ), ( INR:USD ), ( HKD:USD ), ( NZD:USD ). More on Asia: People’s Bank of China keeps LPR rate steady for 6th month Japan sees relief in trade tensions, China snaps eight-day winning streak Japan core inflation rate accelerates in March Australia's unemployment rate stays low at 4.1%, March employment growth below forecasts Japan’s March trade surplus above forecasts as export growth outpaced imports
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