Asian shares extended a global rise Wednesday following data indicating the US economy remained resilient, with South Korean equities and the won standing out as the election of a new president ended months of political paralysis.Speculation that US President Donald Trump and Chinese leader Xi Jinping will speak this week stoked optimism for a soothing of trade tensions between Washington and Beijing.However, Trump’s ramped-up tariffs on aluminium and steel imports — announced Friday — are due to kick in later Wednesday, highlighting the uncertainty caused by the White House’s off-the-cuff policies.Traders in Asia took the baton from a positive Wall Street, where all three main indexes were lifted by data showing US job openings unexpectedly rose in April, calming worries about the impact of Trump’s tariff blitz on the world’s number one economy.The reading came ahead of crucial non-farm payrolls figures Friday, which are closely followed by the US Federal Reserve as it maps monetary policy in light of weak growth and fears of tariff-fuelled inflation.”Growth is sputtering, the second half looks increasingly cloudy, and everyone knows the Fed’s rate-cut cavalry will ride in eventually. It’s already priced, already scripted — no one’s shocked by the plot twist unless, of course, inflation proves stickier than expected,” said Stephen Innes at SPI Asset Management.”But what’s genuinely keeping equities ticking higher is the soft hum of hope — that US-China tensions could thaw into something warmer than their current frosty detente,” Innes said.He added that the risk of tariffs, “once a terrifying monster, now looks more like a toothless terrier’s wag, comforting investors enough to hold their ground despite the global economy’s chills”.Traders are awaiting further developments on the China-US front after White House officials said the two nations’ leaders could talk this week, even after Trump accused Beijing of violating last month’s detente that slashed tit-for-tat tariffs.News that eurozone inflation had eased in May to its lowest level in eight months — and slipped back below the European Central Bank’s two-percent target — added to the upbeat mood.Tokyo, Hong Kong, Shanghai, Sydney, Wellington, Taipei, Manila and Jakarta all rose.Seoul rallied more than two percent — pushing into a bull market after rising more than 20 percent from its recent low — as Lee Jae-myung won South Korea’s snap presidential election. The won gained around 0.3 percent.The poll was called after the impeachment of predecessor Yoon Suk Yeol over his brief martial law attempt and ended six months of political turmoil in the country.It has also raised hopes that Lee will introduce fresh measures to boost the export-dependent economy, which faces a hefty hit from Trump’s tariffs, particularly the huge levies on steel and aluminium.In his inauguration speech on Wednesday, the new president warned protectionism posed a threat to the country’s “survival”.On the campaign trail, Lee said Seoul needed to start tariff negotiations with Washington “immediately” but also stressed there was no need to “rush” a deal.- Key figures at around 0230 GMT -Tokyo – Nikkei 225: UP 1.0 percent at 37,834.66 (break)Hong Kong – Hang Seng Index: UP 0.5 percent at 23,619.76Shanghai – Composite: UP 0.3 percent at 3,371.20Euro/dollar: UP at $1.1377 from $1.1371 on TuesdayPound/dollar: UP at $1.3524 from $1.3518Dollar/yen: DOWN at 143.91 yen from 144.03 yenEuro/pound: UP at 84.13 pence from 84.11 penceWest Texas Intermediate: DOWN 0.3 percent at $63.20 per barrelBrent North Sea Crude: DOWN 0.3 percent at $65.45 per barrelNew York – Dow: UP 0.5 percent at 42,519.64 (close)London – FTSE 100: UP 0.2 percent at 8,787.02 (close)

The United States will double its tariffs on imported steel and aluminum starting Wednesday, according to the White House, as it published an order signed by President Donald Trump.The move marks a latest salvo in Trump’s trade wars, bringing levies on both metals from 25 percent to 50 percent.But tariffs on metal imports from the UK will remain at the 25 percent rate, while both sides work out duties and quotas in line with the terms of their earlier trade pact.Overall, the aim is to “more effectively counter foreign countries that continue to offload low-priced, excess steel and aluminum in the United States,” according to the order, which added that these undercut the competitiveness of US industries.”Increasing the previously imposed tariffs will provide greater support to these industries and reduce or eliminate the national security threat posed by imports of steel and aluminum articles and their derivative articles,” the order added.Trump announced his decision to hike tariffs on steel and aluminum when he addressed workers at a US Steel plant in Pennsylvania last week.”Nobody is going to be able to steal your industry,” he said at the time.”At 25 percent, they can sort of get over that fence. At 50 percent, they can no longer get over the fence,” he added.The move, however, fans tensions with key US trading partners.The European Union warned over the weekend that it was prepared to retaliate against levies.It said that the sudden announcement “undermines ongoing efforts to reach a negotiated solution” between the bloc and the United States.Already, Washington is in talks with various countries after Trump imposed sweeping 10 percent tariffs on almost all partners in April and announced even higher rates for dozens of economies.While the steeper levels have been paused during ongoing negotiations, this halt expires in early July — adding to urgency to reach trade deals.Since returning to the presidency in January, Trump has imposed sweeping tariffs on allies and adversaries alike in moves that have shaken financial markets.He has also imposed tariffs on sector-specific imports like autos, apart from targeting steel and aluminum.Mexico will request an exemption from the higher tariff, Economy Minister Marcelo Ebrard said, arguing that it is unfair because the United States exports more steel to Mexico than it imports.”It makes no sense to put a tariff on a product in which you have a surplus,” Ebrard said.Mexico is highly vulnerable to Trump’s trade wars because 80 percent of its exports go to the United States, its main trading partner.