Asia-Pacific markets mixed after Trump slaps 50% tariff on Brazilian imports

Asia-Pacific markets are set to trade mixed on Thursday after U.S. President Donald Trump announced that the U.S. will slap a 50% tariff on Brazilian imports beginning August 1.

In a letter, Trump said the new tariff — a sharp increase from the 10% rate set in April — is also meant to address what he called a “very unfair trade relationship” between the U.S. and Brazil. The steep rise is also partly in retaliation for the ongoing prosecution of the country's former president, Jair Bolsonaro, Trump added.

Opening calls from sunny Singapore

Good morning from Singapore! Asia-Pacific markets are set to open mixed.

Japan's benchmark Nikkei 225 was set to open higher, with the futures contract in Chicago at 39,925 while its counterpart in Osaka last traded at 39,910 against the index's Tuesday close of 39,821.28.

Futures for Hong Kong's Hang Seng index stood at 23,863 pointing to a slightly weaker open compared to the HSI's last close of 23,892.32.

Australia's S&P/ASX 200 was also set to start the day slightly higher with futures tied to the benchmark at 8,571, compared to its last close of 8,538.6.

Stock futures open little changed

U.S. stock futures were relatively unchanged on Wednesday evening.

S&P 500 futures hovered around the flatline just after 6 p.m. ET, as did Nasdaq 100 futures. Futures tied to the Dow Jones Industrial Average were likewise flat.

Nasdaq Composite notches new all-time closing high

The Nasdaq Composite closed at an all-time record high on Wednesday afternoon.

The tech-heavy index rose 0.94%, ending at 20,611.34. The S&P 500 added 0.61%, finishing at 6,263.26. The Dow Jones Industrial Average gained 217.54 points, or 0.49%, and settled at 44,458.30.