Manila, Aug 1 (AP) Asian shares retreated Friday following choppy trading on Wall Street that saw more losses as investors assess President Donald Trump's order imposing new tariffs on 68 countries and the European Union starting in seven days.

Trump's order, which pushed back the tariff deadline earlier set on August 1, has injected a new dose of uncertainty in an already uncertain process.

Japan's Nikkei 225 slid 0.4 per cent to 40,914.66 while South Korea's Kospi tumbled 2.8 per cent to 3,154.53.

Hong Kong's Hang Seng index trimmed earlier losses, shedding 0.2 per cent to 24,726.38, while the Shanghai Composite slipped 0.1 per cent to 3,570.21.

Australia's S&P ASX 200 shed 0.8 per cent to 8,676.80, India's BSE Sensex fell 0.4 per cent to 81,185.58 and Taiwan's TAIEX slid 0.4 per cent to 23,453.56.

"US and European equity futures are pointing negative, Asian stocks are taking a beating and the DXY index is still rising,” Benjamin Picton, senior market strategist at Rabo Bank, said in a commentary about Trump's new order updating reciprocal tariff rates.

"The USA is cherry-picking high value-add industry for its own economy while forcing trading partners to grant preferential market access for its exports and supply it with cheap imports. Make no mistake, this is imperial trade,” he added.

Mizuho Bank noted in "somewhat a turn of the tables, Asia (and in particular Southeast Asia) which was harder hit post-'Liberation Day' now appear to be in a better position by virtue of tariffs differentials though intra-regional differences remain small.” On Wall Street on Thursday, stocks capped the trading day with more losses after an early big tech rally faded and a health care sector pullback led the market lower.

The S&P 500 fell 0.4 per cent, its third straight decline. The benchmark index, which is just below the record high it set Monday, notched a 2.2 per cent gain for the month of July and is up 7.8 per cent so far this year.

The Dow Jones Industrial Average lost 0.7 per cent and the Nasdaq composite closed less than 0.1 per cent lower.

Roughly 70 per cent of stocks in the S&P 500 lost ground, with health care companies accounting for the biggest drag on the market.

Health care stocks sank after the White House released letters asking big pharmaceutical companies to cut prices and make other changes in the next 60 days. Eli Lilly & Co. fell 2.6 per cent, UnitedHealth Group slid 6.2 per cent and Bristol-Myers Squibb dropped 5.8 per cent.

Gains by some big technology stocks with hefty values helped temper the impact of the broader market's decline.

Meta Platforms surged 11.3 per cent after the parent company of Facebook and Instagram crushed Wall Street's sales and profit targets even as the company continues to pour billions of dollars into artificial intelligence.

Microsoft climbed 3.9 per cent after posting better results than analysts expected. The software pioneer also gave investors an encouraging update on its Azure cloud computing platform, which is a centrepiece of the company's artificial intelligence efforts.

Big Tech companies have regularly been the driving force behind much of the market's gains over enthusiasm for the future of artificial intelligence.

In other dealings Friday, US benchmark crude oil lost 5 cents to USD 69.21 per barrel, while Brent crude, the international standard, shed 3 cents to USD 71.67 per barrel.

The US dollar climbed to 150.68 Japanese yen from 150.67 yen. The euro rose to USD 1.1418 from USD 1.1421. (AP) GRS GRS

New reciprocal tariff order raises trade uncertainty and shifts market competitiveness ahead of imminent implementation. An executive order updates reciprocal tariff rates, imposing new tariffs on multiple trading partners and the EU with implementation in seven days, amending a previous deadline and creating regulatory uncertainty by shifting preferential market access and tariff differentials across regions. Separately, the White House sent letters requesting major pharmaceutical companies to reduce prices and implement changes within 60 days, prompting sectoral equity declines in health care while large technology firms partly offset market losses.