Asian stocks mostly advanced on Tuesday after U.S. markets moved higher, as anticipation of President Donald Trump’s imminent “Liberation Day” on Wednesday caused global market fluctuations.Instead of equities, investors have been favouring traditionally safer assets amid economic uncertainty. Gold climbed early Tuesday, reaching $3,172.80 per ounce.Tokyo’s Nikkei 225 inched up by 0.1% to 35,663.86, as Prime Minister Shigeru Ishiba urged Trump to refrain from increasing auto tariffs on Japan, a longstanding U.S. ally. Meanwhile, a central bank survey indicated deteriorating business sentiment among major manufacturers.Hong Kong’s Hang Seng gained 1.1% to 23,363.96, while China’s Shanghai Composite Index added 0.6% to 3,355.31.In South Korea, the Kospi surged 1.8% to 2,525.44, and Australia’s S&P/ASX 200 climbed 1% to 7,919.50.Taiwan’s Taiex soared 2.6%, whereas India’s Sensex dipped 0.2%. Thailand’s SET rose 1.1%.On Monday, the S&P 500 gained 0.6% to close at 5,611.85. However, the index ended March with a 4.6% decline for the first quarter of the year, marking its worst performance in two-and-a-half years.The Dow Jones Industrial Average advanced 1% to 42,001.76, while the Nasdaq Composite edged down 0.1% to 17,299.29, weighed down by declines in Tesla, Nvidia, and other major tech stocks.Such dramatic swings have become a frequent occurrence on Wall Street due to uncertainty surrounding Trump’s tariff policies and their potential impact on inflation and economic growth. Monday’s global sell-off stemmed from mounting concerns over the repercussions of the tariffs, which Trump claims will revitalise U.S. manufacturing jobs.On Wednesday, the United States is expected to implement what Trump describes as “reciprocal” tariffs, aimed at balancing the perceived trade burden imposed by different countries, including adjustments for value-added taxes. However, details remain unclear regarding the exact measures to be enacted on “Liberation Day.”Goldman Sachs economists anticipate Trump will impose an average reciprocal tariff of 15%. Consequently, they have revised their projections, increasing their inflation forecast while lowering their outlook for U.S. economic growth by year-end.They now estimate a 35% likelihood of a recession in the coming year, up from a previous 20%, citing slower growth, declining confidence, and statements from White House officials signalling a readiness to endure economic strain, according to Goldman Sachs economist David Mericle.If the tariffs announced on April 2 turn out to be less severe than feared—such as excluding additional levies on Chinese imports—stocks may rally. However, a worst-case scenario could erode business confidence, prompting workforce reductions and triggering further market declines. Moreover, April 2 may not resolve the prevailing uncertainty.Even if the tariffs prove to be milder than anticipated, lingering ambiguity could lead U.S. households and businesses to curtail spending, potentially dampening economic activity.Tesla fell 1.7% on Monday, extending its year-to-date decline to 35.8%. It remains one of the worst-performing stocks in the S&P 500, largely due to concerns that the electric vehicle maker’s reputation is too closely linked to its CEO, Elon Musk.Musk has spearheaded U.S. government cost-cutting initiatives, making him a focal point of political controversy. As a result, Tesla showrooms have been the site of mounting protests.

On a brighter note, Mr. Cooper surged 14.5% after announcing it would be acquired by mortgage company Rocket in an all-stock transaction valued at $9.4 billion. This comes shortly after Rocket’s acquisition of real estate listing firm Redfin, though Rocket’s shares slid 7.4%.Warren Buffett’s Berkshire Hathaway advanced 1.2%, contributing to the S&P 500’s gains.Meanwhile, Newsmax soared 735% on its first day of trading, experiencing such extreme volatility that trading was temporarily halted a dozen times throughout the session.In commodity markets early Tuesday, U.S. benchmark crude rose 17 cents to $71.65 per barrel, while Brent crude, the global standard, climbed 19 cents to $74.96 per barrel.

In currency trading, the U.S. dollar weakened to 149.57 Japanese yen from 149.97 yen, while the euro edged up to $1.0825 from $1.0817.