Image source, Get

As Asian markets head into their afternoon, there's a more mixed picture than the falls we saw on some major indexes this morning.

Japan's Nikkei 225 is still down more than 4%, while the Hang Seng in Hong Kong is around 0.5% higher.

South Korea's Kospi and the Australia's ASX 200 remain down, trading at 0.8% and 1.3% lower respectively.

But Taiwan's Taiex is 1.6% higher, and India's Nifty 50 is up by around 2%.

Image source, EPA

The world's most popular gadgets - phones, laptops, tablets, smartwatches - could be about to get a lot more expensive in the US.

Many of them are made in China, which now faces a 145% tariff on its goods imported to the US, under President Donald Trump's controversial trade policy.

The effect this may have on the iPhone and its maker Apple is under the spotlight - with some analysts saying if costs are passed onto consumers, iPhone prices in the US could rise by hundreds of dollars.

Read the full story here

Anthony Zurcher
North America correspondent

Donald Trump announced a massive tariff plan last week that would have upended the global economic order as well as long-established trading relationships with America's allies.

But a significant part of that plan is on ice after he suspended higher tariffs on most countries for 90 days while leaning into a trade war with China.

So with this partial reversal, is Trump any closer to realising his goals on trade? Here's a quick look at five of his key ambitions and where they now stand.

Image source, Getty Images

Image source, Getty Images

The price of gold has hit a fresh record high as concerns grow about the US-China trade war.

Bullion is above $3,200 (£2,454) a troy ounce for the first time as investors flock to so-called safe-haven assets.

The Swiss franc, another safe-haven asset, hit a new decade high against the US dollar, while a sell-off in US government bonds seen earlier this week has resumed.

"The massive flight to safety... all reflects the lack of clarity in financial markets today," Olivier d'Assier, from investment management solutions firm SimCorp, told the BBC.

"We now live in a no-rulebook world, on trade, security, health, and sovereignty even," he adds.

"So safe havens like gold, the Swiss franc, non-US government bonds, are the only option left for now."

A safe-haven asset is an investment that is expected to retain, or even gain value during periods of economic uncertainty.

It comes after Wall Street shares slumped on Thursday and stock markets in Asia fall today.

Annabelle Liang
Business reporter, Singapore

Hong Kong-based e-commerce firm YesStyle runs several retail platforms, mostly selling Korean beauty products to customers around the world.

Now South Korea is facing a 25% tariff on its exports to the US. Although the higher rate has been paused for 90 days, it is unclear if Seoul will be able to strike a deal with Washington.

As it stands, YesStyle boss Joshua Lau plans to pass some tariff costs to American shoppers.

"We are able to absorb about 5% of the increase. More than 5%... will start to affect our profitability," Lau tells the BBC.

The firm is also increasing "marketing in Europe, Latin America and [the] Middle East so as to reduce our reliance on the US market".

"Over 80% of the products we sell are Korea beauty products, and we hope the South Korea government is able to negotiate a more favourable tariffs rate with US government soon," Lau adds.

Image source, YesStyle

Image source, Reuters

As countries scramble to recalibrate in response to Donald Trump's trade policies, India's relative detachment from world trade market has helped it weather shocks that have jolted more trade-dependent economies.

India's tariffs are high and the share of global exports remains under 2%. Its vast domestic market has fuelled its growth - outpacing many others. Economists argue that this is largely because the rest of the world is slowing.

But in a turbulent, increasingly protectionist era, India's instinct for self-reliance may oddly serve as a short-term shield.

Read the full story here.

Image source, Getty Images

Responding to Trump's tariffs, the spokesperson of China's foreign ministry, Mao Ning, posted a video of one of Mao Zedong's speeches during the Korean War.

"We are Chinese. We are not afraid of provocations. We don’t back down," the founder of modern-day China, said in the black and white clip from 1953.

Washington should see this as a signal from Beijing, says Isabel Hilton, founder of the China Dialogue think tank.

"When Beijing starts quoting Mao Zedong from the period of the Korean War, when China was again fighting the United States, we can pretty much bet that they're not going to give in easily," Hilton tells the BBC's Newshour programme.

"If Xi Jinping is going to go to the negotiating table, which they've always said they would, he wants to go from a position of strength. So China is going to try and inflict maximum damage on the United States before they talk," she says.

Annabelle Liang
Business reporter, Singapore

Just a day ago, most stock markets across the Asia-Pacific region were soaring.

This morning, they're seeing losses, with the exception of Taiwan, which has continued to make gains.

With little in the way of developments on tariff negotiations, investors are "speculation driven," says Dan Wang from the Eurasia Group consultancy.

"The day before markets were up... [it is] probably going to be like this for a few days," she adds.

Olivier d'Assier, from investment management solutions firm SimCorp, says it's uncertainty that's driving the moves.

"No deals have been signed, and the relationship between the world's largest and second largest economies is irreparably broken," d'Assier says.

"This means ongoing economic uncertainty, especially for the global supply chains that go through Asia."

Many Asian investors were "breathing a sigh of relief" after higher tariffs were paused, says Nick Marro from the Economist Intelligence Unit.

"But they know the story isn't over. They know that there's a very high risk that they could wake up one day and these tariff fears are reactivated. That is going to keep people very anxious for quite some time," Marro adds.

Ian Tang
BBC Monitoring

With no end in sight of the tit-for-tat tariffs war between China and the US, Chinese state media are sending out message to assure the public and prepare people for economic turbulence ahead.

Today, China's top-level party newspaper, the People's Daily, ran a front-page commentary titled "Believe in China, Believe in Tomorrow", citing its innovation, market potential and saying the country is "standing on the right side of history ".

"The resilient Chinese economy will become stronger after the storm," the commentary adds.

With a similar line, Global Times, known for its nationalist stance, has this headline for its latest editorial: "China's 'fight to the end' is backed by strong confidence".

China Daily, an English language news outlet, urged the world to act together against Washington's "attempted looting".

"If the entire world caves in to the tariffs, the global economic system under the framework of the [World Trade Organization] will crumble, and there will be a free-for-all scramble to take advantage of the weaker".

Image source, Getty Images

The US dollar fell sharply on Friday as concerns grow about the impact of a full-blown US-China trade war.

US government bonds have resumed a selloff seen earlier this week.

Investors have been moving into so-called safe-haven assets like the Swiss franc and gold.

Gold rose above $3,200 a troy ounce for the first time, while the Swiss franc hit a new decade high.

Image source, Reuters

Chinese President Xi Jinping is heading to South East Asia next week as China and its neighbours grapple with Trump's tariffs.

Xi's trip is set to start in Vietnam on 14 April. He will then visit Malaysia and Cambodia.

The US president hit Vietnam and Cambodia with higher tariffs of 46% and 49%, respectively, although he later paused them for 90 days.

Malaysian PM Anwar Ibrahim, who is hosting Xi on a three-day state visit, had earlier called on South East Asia to "stand firm together" against the US import taxes.

Malaysia holds the rotating chairmanship of the Association of South East Asian Nations and could face a 24% tariff.

As Washington's highest tariff rate took effect on Chinese goods yesterday, Xi called for stronger trade ties with his neighbours.

Read more about how Trump's tariffs might impact Vietnam here.

Let's take a look at how Asia-Pacific stock markets are trading today.

Most are lower after Wall Street shares tumbled on Thursday:

• Nikkei 225 (Japan) -4.5%
• Kospi (South Korea) -1.7%

• Hang Seng (Hong Kong) -0.7%
• ASX 200 (Australia) -1.6%

Meanwhile, mainland China and Taiwan are seeing small gains:

• Shanghai Composite (China) +0.1%
• Taiex (Taiwan) +0.2%

There has been a historic upheaval in American trade policy.

The announcement of Donald Trump's so-called "reciprocal tariffs" on 2 April - what he called "liberation day" - sent a shockwave through the global trading system and financial markets.

And the President's 90-day pause on some of these tariffs on 9 April set off a relief rally in stock markets.

But where has the rollercoaster of new US tariff announcements - and partial reversals - actually left the situation?

And what will it all mean for global trade?

Read the full story from BBC Verify's Ben Chu

Shares in mainland China and Hong Kong are trading a little lower this morning.

The Shanghai Composite dipped by 0.2%, while the Hang Seng is around 0.5% lower.

Share trading in Hong Kong and mainland China is set to get underway as other major Asia-Pacific markets are sliding this morning.

Leading indexes in the US fell on Thursday as concerns over the trade war between Washington and Beijing deepen.

Image source, Reuters

Speaking to Fox News, the White House press secretary Karoline Leavitt says "it's the policy of this White House... to put America first and bring back jobs" from overseas.

They will "no longer allow China to dump cheap foreign products" into the US, whilst they prevent American-made products to enter their markets.

"America cannot exist if we continue to enrich and embolden China."

She says there is "great reason to be optimistic about America's economy," and companies would be "best served" by doing business in the US.

Taiwanese shares have fallen in early trading.

The benchmark Taiex index was 2.5% lower on Friday morning.

It closed more than 9% higher yesterday.

As a former champion runner, Richard McDonald can move quickly.

But the speed of the market falls, triggered by the sweeping global tariffs Donald Trump announced last week, still kept him on his toes.

Previously a trader for Credit Suisse, he now buys and sells stocks privately. At his laptop in London last week, he watched as the president unveiled a poster board outlining tariff rates, some as high as 50%, for imports from countries around the world.

He raced to understand which companies might be worst hit. Then he sold.

Read the full story from Mitch Labiak & Natalie Sherman

Image source, Richard McDonald

Asian financial markets are "hitting the brakes" after making gains on Thursday, one analyst tells the BBC.

"The sugar high from Trump's tariff pause is fading fast, and Asia's about to feel the comedown," Stephen Innes from the SPI Asset Management firm says.

The US President has put raised levies on China, although he paused higher tariffs on the rest of the world on Wednesday US time.

Stock markets were driven higher but are now revaluating Trump's move, Mr Innes says.

"That's not de-escalation - that's targeted escalation. And now markets are repricing that risk hard," he adds. "The trade war didn't end - it just went tactical. We are very much in Axis vs Allies 2.0 mode."

The boss of a financial research firm says a business deal he was working on a few days ago had "no buyers [who] wanted to touch it".

"China has gone from asset to liability in the minds of corporate America really over the past five years, but over the past couple of days it’s become radioactive, it’s nuclear," James Early from Curia Financial Research tells BBC News.

He warns the tariffs are already affecting "people like me" and that they are "about to affect every day Americans" if they continue.

Early, who has 12 years of experience doing business between the US and China, says if business costs have "doubled or more than doubled, [due to tariffs], then the trade’s going to evaporate except for very few essential items".

He adds that he believes US President Donald Trump is now feeling the pressure from US companies that deal with China, and "that's a lot of them".