Bangkok, Mar 25 (AP) Shares were mixed in Asia on Tuesday, with Chinese markets retreating, following a broad rally on Wall Street fuelled by hopes the Trump administration may take a more targeted approach as it tees up a new round of tariffs on imported goods next week.

US futures edged lower and oil prices were little changed.

Tokyo's Nikkei 225 gained 0.3 per cent to 37,733.22, while the Kospi in South Korea lost 0.5 per cent to 2,617.11.

Hong Kong's Hang Seng sank 2.2 per cent to 23,387.86 as heavy selling of tech-related shares kept pulling the benchmark lower.

Cell phone maker Xiaomi's Hong Kong-traded shares dropped 5.4 per cent and delivery app company Meituan lost 4.2 per cent. E-commerce giant Alibaba was down 3.4 per cent.

The Shanghai Composite index edged 0.2 per cent lower to 3,364.05.

Taiwan's Taiex gained 0.6 per cent and the SET in Thailand lost 0.2 per cent.

Stocks have been riding waves of hope and worry as President Donald Trump has announced and then amended plans on higher tariffs. A new round of tariffs is scheduled for April 2, but Trump has been somewhat closely guarded about his plans, saying Monday that even though he wants to charge “reciprocal” rates — import taxes to match the rates charged by other countries -- that “we might be even nicer than that”.

Other comments have provided less reassurance and in recent days, Chinese markets that had been riding high have pulled back. In a Truth Social post, Trump said Venezuela has been “very hostile” to the US and countries purchasing its oil will be forced to pay a 25 per cent tariff on all exports to the US starting April 2.

That would likely more than double the already high tariffs facing China, which in 2023 bought 68 per cent of the oil exported by Venezuela, according to a 2024 analysis by the US Energy Information Administration. The US also imports oil from Venezuela.

On Monday, the S and P 500 jumped 1.8 per cent to 5,767.57, while the Dow Jones Industrial Average rose 1.4 per cent to 42,583.32. The Nasdaq composite closed 2.3 per cent higher, at 18,188.59.

Despite the gains, the benchmark S and P 500 has lost 1.9 per cent so far this year out of concerns that a trade war could hinder economic growth and increase inflationary pressures.

Gains on Monday were broad, with 84 per cent of stocks within the S and P 500 ending higher. Nearly every sector within the index rose.

Technology stocks helped lead the way. The stocks are among the most valuable on Wall Street and tend to have an outsized impact on the broader market's direction.

Nvidia rose 3.2 per cent and Apple added 1.1 per cent.

Tesla climbed 11.9 per cent for the biggest gain among S and P 500 stocks. The electric vehicle maker is still down about 31 per cent for the year.

Genetics testing company 23andme lost more than half its value after it announced over the weekend that it had initiated voluntary bankruptcy proceedings.

AZEK Co. jumped 17.3 per cent after the building materials company announced Australia's James Hardie Industries will buy it in a cash-and-stock deal valued around USD 8.75 billion.

It's the second large deal in the sector in less than a week, with QXO Inc. announcing on Thursday that it was buying Beacon Roofing Supply Inc. in a deal worth about USD 11 billion, including debt.

Wall Street has several economic updates this week. Business group The Conference Board releases its consumer confidence survey for March on Tuesday. On Friday, the US government releases the personal consumption expenditures price index for February, a measure of inflation closely watched by the Federal Reserve.

The Fed started cutting its benchmark interest rate at the end of 2024 but is cautious about inflation, which is just above its 2 per cent goal.

Those cuts came after the central bank raised interest rates in order to cool inflation from a two-decade high.

Lower interest rates can ease borrowing costs and help give the economy a boost, but they can also push inflation higher.

In other dealings early Tuesday, US benchmark crude oil was unchanged at USD 69.11 per barrel. Brent crude, the international standard, also was unchanged, at USD 72.37 per barrel.

The US dollar fell to 150.56 Japanese yen from 150.70 yen. The euro rose to USD 1.0808 from USD 1.0803. (AP) PY PY