Asian stocks recover following steep decline

ANKARA

Asian stocks bounced back on Tuesday after posting a record drop, with Japan leading the recovery amid optimism about being prioritized in US trade negotiations.

Japan’s Nikkei 225 index rallied by 6.01% to close at 33,008.50 points after US President Donald Trump appointed two Cabinet members to initiate bilateral trade discussions following a conversation with Prime Minister Shigeru Ishiba.

"I said one thing. You're going to have to open up your country, because we sell no cars ‒ like zero cars ‒ in Japan, and they sell millions of cars into our country," Trump said.

Japan seemed poised to take precedence over other US trading partners in tariff negotiations, positioning Tokyo at the forefront of efforts to ease the levies.

The Asia Dow, which tracks leading blue-chip companies across the region, rose 3.44% to 3,737.96 points as of 0730GMT.

The Hang Seng Index, a key benchmark for Hong Kong's blue-chip stocks, increased 1.01% to 20,029 points, after posting a historic 13.2% plunge in the previous session.

China’s Shanghai Stock Exchange gained 1.58% to 3,145.55 points, while India’s Sensex index climbed 2.15% to 74,712.50.

Following the US president's announcement on Monday to add a 50% tariff hike on Chinese imports yet again, Beijing reaffirmed its determination to stand firm.

"The US threat to escalate tariffs on China is a mistake on top of a mistake," the Chinese Commerce Ministry said in a statement.

The statement further accused the US of employing coercive tactics, stating that the move highlights the US' approach of intimidation.

China will not stand for it. Should the US persist, China is prepared to confront it to the very end, it said.