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Asian stocks fell on Friday as higher U.S. tariffs kicked in and a private survey showed China’s manufacturing activity returned to contractionary territory in July as a result of softening new business<\/span> growth. <\/p>\n Seoul markets<\/span> led regional loses after the government proposed higher taxes on investors and companies in a bid to shore up revenue.<\/p>\n U.S. President Donald Trump on Thursday confirmed imports from most countries will face a minimum tariff rate of 10 percent, while imports from countries with trade surpluses with the U.S. face duties of 15 percent or higher.<\/p>\n The dollar was little changed in Asian trade after posting its best month of the year in July. Oil prices were steady following Trump’s threats to impose 100 percent tariffs on countries importing oil from Russia.<\/p>\n Gold dipped below $3,300 per ounce ahead of the U.S. July jobs report due later in the day, with employment likely to moderate after a June increase. The jobless rate is seen ticking up to 4.2 percent.<\/p>\n China’s Shanghai Composite index dropped 0.37 percent to 3,559.95 on worrying signs about the economy<\/span>‘s momentum in the period ahead. Hong Kong’s Hang Seng index fell 1.07 percent to 24,507.81 on Fed rate jitters and soft Chinese data. <\/p>\n Japanese markets fell notably after mixed earnings from Apple and Amazon and concerns about continued investments by major tech players. <\/p>\n The Nikkei average gave up 0.66 percent to close at 40,799.60 while the broader Topix index settled 0.19 percent higher at 2,948.65. <\/p>\n Chip-equipment maker Tokyo Electron plummeted 18 percent after slashing its profit forecast, saying it now sees slower-than-expected recovery in demand from logic chipmakers.<\/p>\n Seoul stocks sank the most in nearly four months as the government’s tax revision proposal overshadowed data showing stronger-than-expected export growth for July.<\/p>\n The Kospi average shed 3.88 percent to close at 3,119.41, marking the largest daily loss since April 7. <\/p>\n Large-cap tech shares bore the brunt of the selling, with Samsung Electronics tumbling 3.5 percent and its chipmaking rival SK Hynix plummeting 5.7 percent. <\/p>\n Australian markets ended lower, with banks, tech and gold stocks taking a hit. The benchmark S&P\/ASX 200 fell 0.92 percent to 8,662, extending losses from the previous session despite the country being spared a tariff increase under the new trade policy announced by Trump. The broader All Ordinaries index closed 0.91 percent lower at 8,917.10.<\/p>\n Across the Tasman, New Zealand’s benchmark S&P\/NZX-50 index ended down 0.74 percent at 12,729.40.<\/p>\n U.S. stocks reversed course to end lower overnight as economic concerns offset upbeat earnings news from tech giants Meta Platforms and Microsoft.<\/p>\n The Fed’s preferred measure of underlying inflation accelerated in June to one of the fastest paces this year while consumer spending barely rose, clouding the outlook for economic growth and interest rates.<\/p>\n Meanwhile, as the clock ticked down to the tariff deadline, President Trump announced a trade deal with South Korea, a 90-day extension of the 25 percent blanket tariff on Mexican imports as well as 25 percent tariff on cars and a 50 percent tariff on steel, aluminum and copper.<\/p>\n Treasury Secretary Scott Bessent said in an interview that he believes the U.S. and China “have the makings of a deal” and expressed confidence an agreement would be reached.<\/p>\n The tech-heavy Nasdaq Composite finished marginally lower, the S&P 500 dipped 0.4 percent and the Dow gave up 0.7 percent. <\/p>\n<\/p>\n Business News<\/p>\n<\/div>\n