Asia-Pacific stocks mixed on Friday, tracking sharp losses on Wall Street as trade tensions between the U.S. and China reignited market volatility. The downturn followed confirmation from the White House that cumulative tariffs on Chinese imports have climbed to 145%, deepening fears of a prolonged trade war. Gold surged past $3,200 per ounce on Friday, hitting a fresh record, supported by a weaker US dollar and rising safe-haven demand amid escalating US-China trade tensions. For the week, gold is on track for its best performance since last November. Japan ( NKY:IND ) fell 4.26% tumbled on Friday. The Japanese yen strengthened past 144 per dollar on Friday, hitting a six-month-high. Meanwhile, markets are closely watching U.S.-Japan trade developments, with Tokyo currently subject to a reduced 10% U.S. tariff rate and seeking more favorable terms through ongoing negotiations. China ( SHCOMP ) rose 0.46% to below 3,220, while the Shenzhen Component lost 0.4% to 9,715 on Friday, snapping a three-day rally as concerns over a deepening Sino-U.S. trade conflict weighed on sentiment, and the offshore yuan Amid escalating trade disputes with the U.S., including steep 145% tariffs, Chinese President Xi Jinping is set to visit Vietnam, Malaysia, and Cambodia from April 14-18. This first overseas trip of 2025, as reported by state media, is designed to bolster ties with crucial Southeast Asian neighbors. China, Japan, and South Korea held talks in Malaysia to discuss the impact of U.S. tariffs on global and regional economies. The talks were part of the ASEAN+3 Finance and Central Bank Deputies' Meeting. The three countries also discussed economic trends and ways to strengthen regional financial cooperation, with the People's Bank of China reaffirming its commitment to a moderately loose monetary policy. Traders are bracing for China’s March trade data, due over the weekend, amid concerns that exports and imports may start to feel the strain from rising tariffs. Hong Kong ( HSI ) rose 0.92% to 20,575 in early Friday, snapping three-day gains as U.S. futures slumped and tensions with China escalated. India ( SENSEX ) rose 1.78% to 75,165 in morning trade on Friday, rebounding from losses in the prior session as trading resumed after the Mahavir Jayanti holiday. Traders welcomed a 90-day suspension of an additional 26% tariff on India, while also engaging in short-term profit-taking ahead of another market closure on Monday for the Ambedkar Jayanti holiday. Australia ( AS51 ) fell 1.39% fell sharply on Friday as global trade concerns rattled investor sentiment. The Australian dollar rose to around $0.625 on Friday, marking its third consecutive gain In a speech in Melbourne, Bullock stated that it is “too early” to determine how U.S. President Trump’s trade war will impact interest rates in the coming months, while downplaying expectations of a double rate cut in May. She added that the market turmoil caused by the trade conflict is not as severe as the 2008 global financial crisis. In the U.S., on Thursday, all three major indexes ended in red reversing some of the previous day’s historic rally as renewed fears over escalating trade tensions between the US and China shook investor confidence. U.S. stock declined on Friday, capping off a turbulent week dominated by sharp market swings amid ongoing trade uncertainty: Dow +0.03% ; S&P 500 +0.11% ; Nasdaq +0.05% . Looking ahead, investors are eyeing Friday’s U.S. consumer sentiment data and quarterly earnings reports from major financial institutions, including JPMorgan Chase, Morgan Stanley, Wells Fargo, and BlackRock. Currencies: ( JPY:USD ), ( CNY:USD ), ( AUD:USD ), ( INR:USD ), ( HKD:USD ), ( NZD:USD ). More on Asia: China's March inflation drops for second straight month; issues warning on travel to U.S. Trump issues 90-day pause on most reciprocal tariffs except for China China pledges to 'fight to the end' against new U.S. tariffs, escalating the trade dispute Chinese sellers on Amazon mull price hikes or US exit as Trump slaps 125% tariff Japan producer prices rise more than expected to 4.2% in March
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