Asian shares mostly decline as uncertainty grows about what’s next with trump’s tariffs

Asian shares were mostly lower Friday as uncertainty grew about what will happen next after a US court blocked many of President Donald Trump’s sweeping tariffs. Japan’s benchmark Nikkei 225

lost 1.1% in afternoon trading to 38,022.62. Government data showed Tokyo core inflation, excluding fresh food, rising to a higher-than-expected 3.6% in May. Some analysts say that makes it

more likely the Bank of Japan will raise interest rates. Australia’s S&P/ASX 200 rose 0.3% to 8,436.30. South Korea’s Kospi declined 0.9% to 2,696.40, ahead of a presidential election

set for next week. Hong Kong’s Hang Seng slipped 1.4% to 23,234.42, while the Shanghai Composite shed 0.3% to 3,354.83. EXPLORE MORE On Wall Street, the S&P 500 rose 0.4% on Thursday,

the Dow Jones Industrial Average added 117 points, or 0.3%, and the Nasdaq composite rose 0.4%. It’s a downshift after stocks initially leaped nearly 2% in Tokyo and Seoul, where markets had

the first chance to react to the ruling late Wednesday by the US Court of International Trade. The court said that the 1977 International Emergency Economic Powers Act that Trump cited for

ordering massive increases in taxes on imports from around the world does not authorize the use of tariffs. The ruling at first raised hopes in financial markets that a hamstrung Trump would

not be able to drive the economy into a recession with his tariffs, which had threatened to grind down on global trade and raise prices for consumers already sick of high inflation. But the

tariffs remain in place for now while the White House appeals the ruling, and the ultimate outcome is still uncertain. The court’s ruling also affects only some of Trump’s tariffs, not

those on foreign steel, aluminum and autos, which were invoked under a different law. The Court of Appeals for the Federal Circuit on Thursday allowed the president to temporarily continue

collecting the tariffs under the emergency powers law while he appeals the trade court’s decision. Trump “is still able to impose significant and wide-ranging tariffs over the longer-term

through other means,” according to Ulrike Hoffmann-Burchardi, chief investment officer of global equities at UBS Global Wealth Management. On Wall Street, tech stocks led the way after 

Nvidia once again topped analysts’ expectations for profit and revenue in the latest quarter. The chip company has grown into one of the US market’s largest and most influential stocks

because of the frenzy around artificial-intelligence technology, and its 3.2% rise was the strongest force by far lifting the S&P 500. All told, the S&P 500 rose 23.62 points to

5,912.17. The Dow Jones Industrial Average added 117.03 to 42,215.73, and the Nasdaq composite gained 74.93 to 19,175.87. In the bond market, Treasury yields eased following mixed economic

reports. One said the US economy likely shrunk by less in the first three months of the year than earlier estimated. Another said slightly more US workers applied for unemployment benefits 

last week than economists expected. The yield on the 10-year Treasury fell to 4.43% from 4.47% late Wednesday. In energy trading, benchmark US crude dropped 18 cents to $60.76 a barrel.

Brent crude, the international standard, fell 20 cents to $63.95 a barrel. In currency trading, the US dollar declined to 143.90 Japanese yen from 144.12 yen. The euro cost $1.1347, down

from $1.1367.