Investing.com - Asian markets were mixed in morning trade on Tuesday as traders awaited the potential start of fresh U.S. tariffs on Chinese goods. The U.S. stock markets were closed on Monday for a holiday.
The Trump administration may implement tariffs on as much as $200 billion in additional Chinese products as soon as Thursday, according to reports. The U.S. slapped duties on $34 billion of Chinese goods in July, before imposing a new round of tariffs on a further $16 billion of Chinese products on Aug. 23, while U.S. President Donald Trump warned that he may eventually target the entire $500 billion in Chinese exports to the U.S.
China’s Shanghai Composite and the SZSE Component rose 0.2% and 0.5% respectively by 9:45PM ET (01:45 GMT). Hong Kong’s Hang Seng Index was down 0.1%.
Meanwhile, investors remained wary of emerging market currencies after sharp sell-offs in the Turkish lira and the Argentine peso last month on worries over their economic management, big current account deficits and inflation.
Despite the fall in the lira, Turkish Finance Minister Berat Albayrak said on Monday that there is no risk to either the country's banks or its external debts.
Argentine President Mauricio Macri said his administration would raise export taxes on grains and cut spending in a bid to balance its budget next year.
Emerging markets have been hard hit by concerns that higher U.S. interest rates will pressure countries that have borrowed heavily in dollars in recent years.
In Asia, Japan’s Nikkei 225 inched up 0.01% and South Korea’s KOSPI gained 0.1%.
Down under, Australia’s S&P/ASX 200 slipped 0.3%.