Asian shares are mixed as euphoria over China-US trade truce fades

Asian shares were mixed Tuesday as the initial euphoria over the 90-day truce in the trade war between the United States and China faded, as analysts warned President Donald Trump's policies could still quickly change.

The United States said in a joint statement with China that it will cut tariffs on Chinese goods to 30% from as high as 145%. China, meanwhile, said its tariffs on U.S. goods will fall to 10% from 125%. That allows time for more talks following the weekend's negotiations in Geneva, Switzerland, which the U.S. side said yielded '' substantial progress.''

The outcome surpassed most expectations, reassuring investors," said Stephen Innes of SPI Asset Management.

''Make no mistake, this was highly stage-managed diplomacy. But the optics are good and the implications real. It signals that even this administration recognizes the economic drag of unrelenting tariffs,'' he said in a commentary.

Still, big challenges remain in the negotiations between Beijing and Washington and many Asian countries have yet to negotiate tariff-alleviating deals of their own.

Beijing's anger over the trade war remains apparent. Speaking to officials from China and Latin America on Tuesday, Chinese leader Xi Jinping reiterated Beijing's stance that nobody wins a trade war and that ''Bullying or hegemonism only leads to self-isolation.''

Tokyo's Nikkei 225 jumped 1.6% to 38,232.21 Automakers were among the big gainers, with Toyota Motor Corp. up 3.7% and Suzuki Motor Corp. 4.3% higher.

Nissan Motor Co. added 3.4% after Japan's national broadcaster NHK said it plans to lay off more than 10,000 of its workers, raising the total to 20,000, as part of its restructuring efforts. The company was due to announce its financial results for the last fiscal year later Tuesday.

The Kospi in South Korea was nearly unchanged at 2,606.46.

Hong Kong's Hang Seng, which gained 3% a day earlier after Chinese and U.S. officials announced the agreement to pause tariffs and reduce them, fell 1.5% to 23,189.15 on heavy selling of technology shares.

The Shanghai Composite index edged 0.2% higher to 3,376.22 and Taiwan's Taiex jumped 1%.

Australia's S&P/ASX 200 climbed 0.5% to 8,274.70.

On Monday, the world's two largest economies agreed to cut most of their tariffs against each other.

That propelled the S&P 500 up 3.3% to within 5% of its all-time high set in February. It fell nearly 20% below the mark but bounced back last month on hopes that President Donald Trump will lower his tariffs after reaching trade deals with other countries.

The index at the heart of many 401(k) accounts is back above where it was on April 2, Trump's ''Liberation Day,'' when he announced stiff worldwide tariffs that ignited worries about a potentially self-inflicted recession.

The Dow Jones Industrial Average jumped 2.8% and the Nasdaq composite surged 4.3%.

Oil prices slipped after a rally on Monday. U.S. benchmark crude oil gave up 22 cents to $61.73 per barrel. Brent crude, the international standard, shed 25 cents to $64.72 per barrel.

The U.S. dollar had strengthened Monday against everything from the euro to the Japanese yen to the Swiss franc. By early Tuesday, the dollar was trading at 147.98 Japanese yen, down from 148.47 yen. But it gained against the euro, climbing to $1.1113 from $1.1088.

The U.S.-China pause followed a deal the United States announced last week with the United Kingdom that will bring down tariffs on many U.K. imports to 10% but will still require weeks

Economic reports scheduled for later this week, including on inflation and sentiment among U.S. consumers, could show how much damage uncertainty over tariffs has caused the economy.

Many retailers rose because much of what they sell comes from China and elsewhere in Asia. Best Buy jumped 6.6%, and Amazon rallied 8.1%.

Smaller U.S. companies whose livelihoods depend more on the strength of the U.S. economy than their bigger rivals saw strong gains, with the Russell 2000 index jumping 3.4%.

Apparel companies that source much of their supplies from China also gained. Lululemon leaped 8.7% and Nike rose 7.3%.