On Thursday, Asia-Pacific markets experienced a decline as investors considered U.S. President Donald Trump’s proposed tariffs on automobiles, semiconductors, and pharmaceutical imports, alongside the prospect of the Federal Reserve maintaining elevated interest rates for an extended period.

Trump mentioned that the tariffs might take effect as early as April 2, though he did not clarify whether these measures would target specific countries or be applied universally.

Mainland China’s CSI 300 index decreased by 0.28%, while the Hang Seng index in Hong Kong fell by 1.20%.

In Japan, the Nikkei 225 benchmark dropped by 1.24%, while the broader Topix index saw a decline of 1.18% in its final trading hour. Earlier in the session, the yen appreciated, reaching a two-month peak at 150.52 against the U.S. dollar, reflecting speculation of further interest rate hikes by the Bank of Japan this year.

South Korea’s main stock index, the Kospi, fell by 0.84%, while the smaller-cap Kosdaq index experienced a 1.3% decline.

Indian equity markets also faced downturns, with the Nifty 50 index sliding by 0.13% and the BSE Sensex index down by 0.22%.

Australia’s S&P/ASX 200 index marked its fourth consecutive day of losses, closing 1.15% lower at 8,322.80.

In January, Australia’s seasonally adjusted unemployment rate rose to 4.1%, aligning with Reuters’ predictions.

In U.S. markets overnight, stocks continued their upward trend despite the Federal Reserve’s meeting minutes expressing concerns regarding President Donald Trump’s tariffs, with a preference for further easing of inflation before considering any interest rate cuts.

The S&P 500 rose by 0.24%, closing at 6,144.15 and achieving its second consecutive record close. The index reached a new all-time high during the trading session. The Nasdaq Composite improved by 0.07% to finish at 20,056.25, while the Dow Jones Industrial Average climbed by 71.25 points, or 0.16%, ending at 44,627.59.

— CNBC’s Brian Evans and Pia Singh contributed to this report.