Aerial view of downtown Seoul cityscape with vehicles and bridges on the highway crossing the Han River in Seoul, South Korea.
Mongkol Joo Won | Moment | Getty Images
South Korean markets hit new highs on Tuesday even as US President Donald Trump took aim at Asia’s fourth-largest economy, saying he would raise tariffs on the country overnight.
President Trump said on Truth Social that South Korea’s Congress has not approved a trade deal between South Korea and the United States and that tariffs on South Korea would increase from 15% to 25%.
of Kospireversing losses and rising 2.73% to lead Asian markets and reach an all-time high of 5,084.85.
The small-cap Kosdaq also moved into positive territory, rising 1.71% to 1,082.59, its highest in more than four years.
Automobile giants Hyundai and Kia fell as much as 4% and 5%, respectively, due to the move. However, both companies suffered similar losses in the last session, with Hyundai down 0.81% and Kia still down 1.1%.
Elsewhere, Asia-Pacific markets also rose. Australia’s S&P/ASX 200 index rose 0.92% to close at 8,941.6, its highest in nearly three months, after returning from holiday on Monday.
Japanese Nikkei Stock Average Supported by industrial and tech stocks, the index reversed its decline to close 0.85% higher at 53,333.54, while the TOPIX rose 0.31% to 3,563.59.
hong kong Hang Seng Index Basic materials stocks led the rise, rising 1.34%, while mainland China’s CSI300 was flat.
shares of Anto Sports Shares inch higher in Hong Kong after the company announced it would buy a 29.06% stake in the sportswear giant for $1.8 billion puma. The stock price rose 1.38%.
