In the latest turn, a US appeals court on Thursday allowed Trump to temporarily keep his aggressive tariffs in place, a day after the US Court of International Trade barred most of the levies launched since he took office.
Hong Kong and Tokyo stocks were down more than one percent each by the close, while Shanghai also sank.
“When it comes to global trade right now the only certainty is uncertainty,“ said Derren Nathan, head of equity research at Hargreaves Lansdown.
The dollar gained against the euro and pound but fell versus the yen.
Oil prices rose Friday as traders turned their focus to Saturday’s meeting of eight OPEC+ members, which are set to decide production quotas for July.
Investors are also looking ahead to the latest figures for the US Federal Reserve’s preferred inflation measure, the PCE, for signs of the health of the world’s largest economy amid tariffs.
The US Court of International Trade ruling on Wednesday barred most of the tariffs announced since Trump took office, saying that he had overstepped his authority -- a decision he labelled “horrible” and said should be “quickly and decisively” reversed.
Observers said the latest developments have led to speculation about trade negotiations, including those between the United States and European Union, and a deal it has already struck with Britain.
All three main indices on Wall Street ended slightly higher on Thursday, with sentiment also dented by data showing the US economy contracted in January-March, albeit at a slower pace than first thought.
Disappointing readings on jobless benefits and pending home sales added to the more downbeat mood, with investors also on edge over elevated bond yields and Trump’s plans to ramp up the budget deficit.
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