Asia Markets Mixed as Trump Declares China Trade Deal ‘Done’

​Asia-Pacific markets traded mixed on Thursday as investors digested U.S. President Trump’s claim that a trade deal with China is “done”—even as key tariff details remain murky.

In a Truth Social post, Trump said the deal was agreed upon "subject to final approval with President Xi and me.” Under the preliminary framework, China will provide magnets and necessary rare earths, while the U.S. will allow Chinese students to attend U.S. colleges. Trump also claimed, “We are getting a total of 55% tariffs, China is getting 10%.”

Markets appeared unconvinced. Japan’s Nikkei 225 fell 0.65%, Hong Kong’s Hang Seng Index dropped 1.11%, and Australia’s S&P/ASX 200 slipped 0.31%. On the positive side, South Korea’s Kospi gained 0.45%, while mainland China’s CSI 300 ended flat. India’s Nifty 50 dipped 0.45%.

U.S. futures were also soft, with S&P 500 futures and Nasdaq 100 futures both down 0.2%, and Dow futures lower by 72 points. Traders weighed the deal alongside fresh U.S. inflation data, which showed a smaller-than-expected 0.1% rise in consumer prices for May. Core inflation also came in below expectations.

Elsewhere in Asia:
-Japan’s business sentiment among major manufacturers fell to its lowest level in five quarters, as tariff concerns weigh on outlooks.
-The U.S. dollar index dropped to its weakest level since April, while regional currencies like the yen, offshore yuan, and Taiwan dollar strengthened.
-Australia’s Qantas stock jumped 4.38% after the company announced it would shutter its budget airline Jetstar Asia.
-U.S. crude oil futures surged more than 4% amid escalating Middle East tensions.
-A solid 10-year Treasury auction provided some relief for bond investors.

Bottom line: Asia markets are treading cautiously as Trump touts a “done” China deal, but details remain thin and skepticism is high. With global trade uncertainties lingering and inflation dynamics shifting, investors are staying nimble as they watch for further developments.
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