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

In short, most of them are up after yesterday's plunges, with the notable exceptions of mainland China, Taiwan, and Singapore.

• Shanghai Composite (China) -0.2%
• Nikkei 225 (Japan) +6.6%
• Hang Seng (Hong Kong) +1.7%
• Kospi (South Korea) +1.5%
• ASX 200 (Australia) +1.5%
• STI (Singapore) -2.2%
• TWI (Taiwan) -3.8%

Image source, Getty

As China took on Trump's latest tariffs threats against it, the ruling Communist Party's propaganda machine went into full swing.

China's counter measures are "justified, legal, powerful and restrained", while the US tariffs show that it is pursing "American hegemony", Beijing's state newspaper People's Daily said in a commentary published today.

In the article, titled "Pressure and threats are definitely not the right way to deal with China", the paper criticised the Trump administration for "abusing the weapon of tariffs", and defended China as a "defender of multilateralism".

It also questioned the effectiveness of Trump's trade war. "It's been more than a year or two since the US unilaterally provoked a trade war against China. And what's the result?"

"China's foreign trade has shown strong resilience under pressure, and the Chinese economy has always maintained development and progress. In contrast, the United States has not only failed to achieve the goals of reducing trade deficits and promoting the return of manufacturing, but has also caused losses to its own companies and consumers."

The Shanghai Composite is broadly flat in morning trading, currently up by 0.22%.

The benchmark stock index closed 7.3% lower on Monday.

Like Hong Kong and Taiwan, traders there were playing catch up after being closed for a public holiday on Friday.

Four Chinese state-owned firms have said they will help to support financial markets as trade tensions with the US escalate.

Central Huijin Investment, China Chengtong Holdings Group, China Guoxin, and China Electronics Technology Group made the announcements before local stock markets opened on Tuesday.

They pledged to take measures including buying billions of dollars in China-listed shares and exchange-traded funds.

China's financial regulator also said it plans to increase the proportion of insurance funds investing in the stock market.

Image source, Getty Images

Image source, Reuters

When did this start? After Trump announced a large increase in US tariffs last Wednesday

And a tariff is... A tax paid to the government to bring goods into the country. Most countries have some tariffs. The US's were relatively low, but Trump has increased them significantly

Why did he do this? Trump's been saying he wants to do this for decades. The US buys more physical goods than it sells, and he claims this is unfair and threatens security. Tariffs, he says, will bring more jobs to the US

But most experts disagree... Most economists argue trade barriers such as tariffs reduce growth, and that such a quick and dramatic shift in tariff policy will make trade and investment harder

And how do other countries feel? Not great. Many have threatened to retaliate by increasing tariffs on US goods entering their countries

This affects stock markets because... Companies are facing higher costs to move their products across the world. There's also great uncertainty - it's not clear what Trump, or the countries he's putting tariffs on, will do next, making investment decisions more challenging

And stocks are what exactly? To own a stock is to own a share of a company - the more you have, the more of the company you own. A stock market is where people buy and sell these shares. So when a stock market index falls, it means the value of those companies have dropped

Hong Kong's Hang Seng is trading around 2.7% higher this morning.

On Monday, the benchmark index plunged by more than 13%, in its biggest fall in decades.

The losses were worsened because traders were having to catch up on Friday's slides on the global financial market as the Hong Kong Stock Exchange was closed for a public holiday.

Natalie Sherman
Business reporter, New York

Image source, Getty Images

When President Trump entered the White House in January, about two thirds of goods sent from China to the US were already facing tariffs, as a result of actions he took during his first term.

His moves then hit items like solar panels, washing machines and other kinds of machinery. But many key consumer products, like iPhones, toys, and clothing, had been spared.

That has not been true this time around.

Starting in February, Trump put in place a new, 10% levy on all goods from the country, which he increased to 20% in March. It has left businesses like the toymakers I spoke to in March reeling.

And that was before last week, when he said he would raise the tariff to another 34 percentage points.

Some key strategic items, such as pharmaceuticals, semiconductors and lumber, were spared from the tariffs that action.

But the announcement means the vast majority of imports from China - which accounted for more than $400bn in trade last year, making it America's top source of imports after the European Union and Mexico - are facing a tariff rate of at least 54% - which Trump has now threatened to raise again by another 50 percentage points.

Stock markets in Hong Kong and mainland China have just opened, with shares making gains after yesterday's big falls.

We're waiting for stock markets in Hong Kong and mainland China to open after yesterday's big share price falls in the region.

It comes as some major Asia-Pacific stock indexes have made gains this morning.

Japan's Nikkei 225 is up by more than 5%, the Kospi in South Korea is around 1.3% higher, and Australia's ASX 200 has edged up by about 0.8%.

But Taiwan's benchmark TAIEX index is more than 5% lower, adding to the an almost 10% plunge on Monday.

China's commerce ministry has said it will never accept the "blackmail nature" of the US as it vowed to fight against tariffs "to the end".

The ministry called President Trump's threat of an additional 50% levy on China-made goods "a mistake on top of a mistake".

It demanded that all plans for tariffs be dropped and for US-China differences to be resolved through dialogue.

Image source, Getty Images

Taiwan's benchmark TAIEX stock index is around 4% lower in early trading after falling by almost 10% yesterday.

It comes despite other stock markets in the region, including Japan, South Korea and Australia making gains.

On Monday, shares from Shanghai to Tokyo and Sydney to Hong Kong plunged by levels not seen in decades, as global markets continued to reel from US President Donald Trump's tariffs.

We're waiting for the stock market in Taiwan to open in a few minutes, after yesterday's almost 10% plunge on its benchmark index.

That slump was worsened by traders having to play catch up on the slide in global share prices on Friday as the market was closed for a public holiday.

One of Trump's former economic advisers is speaking out in support of tariffs, denying expert predictions of an incoming recession and saying a trade war with China is "not necessarily bad".

Tomas Philipson, who served as the acting chairman of the Council of Economic Advisers during the first Trump administration, firmly stood by the president's tariffs in an interview with BBC News, saying talks of a serious economic downturn have been exaggerated.

"Tariffs are not inflationary," he said.

JP Morgan earlier raised the probability of a global recession to 40%, citing Trump's tariffs as the reason.

Philipson also took aim at China, calling them a "military adversary".

The trade war is good, he said, because currently the US is "subsidising the Chinese build-up of a military, of communism," he said.

Annabelle Liang
Business reporter, Singapore

The few financial markets that have opened in the Asia Pacific region are trading higher.

Japan's Nikkei is seeing the most gains at the moment of around 5%, while indices in South Korea and Australia are making smaller advances.

But they are still some way from recouping losses from Monday.

What is currently happening is "something of a natural market bounce following Monday's calamities," said Tim Waterer from the KCM Trade brokerage.

"US futures markets have been moving higher which has given a hint of optimism for Asian markets," he added.

Vishnu Varathan from Mizuho Securities Singapore said investors are seeing "some scope for a rebalancing" after several "rather ugly" market sessions."It's just a case of waiting it out to determine which way [tariff threats] swing," Varathan added.

The Nikkei 225 in Tokyo has added to today's gains after plunging yesterday.

In morning trading, the benchmark stock index is now up by more than 5%.

Yesterday, it slumped by 7.8% as shares in major Japanese companies from carmakers to banks were sold off.

President Trump has threatened China with an additional tariff of 50% on its imports to the US.

This came as he called on Beijing to withdraw its plan to respond to US tariffs by putting a 34% levy on goods made in America.

Speaking at the White House on Monday, the US president said he was not considering a pause on new tariffs to allow for negotiations with other countries.

Peter Hoskins
Business reporter, Singapore

Financial markets in the Asia-Pacific region are seeing some calm after yesterday's "bloodbath", as one analyst described it to the BBC.

Japan's Nikkei, the Kospi in South Korea, and Australia's ASX 200 all opened higher this morning, although they only regained some of Monday's big losses.

Later in the Asia morning, we'll get a broader picture of how investors are reacting to Trump's new China tariffs threat as stock exchanges in Shanghai, Hong Kong and Taiwan open.

On Monday, US President Donald Trump said he was not considering a pause on new tariffs to allow for negotiations with other countries.

Earlier, there were reports that Washington would impose a 90-day pause, these claims were promptly refuted by the White House who called it "fake news".

Asked directly about a potential pause, he told reporters in the Oval Office: "We're not looking at that. We have many, many countries that are coming to negotiate deals with us, and there are going to be fair deals."

The US president went on to reiterate his threat of additional 50% tariffs on Chinese goods if Beijing did not walk back from its retaliatory plans by tomorrow (Tuesday).

Japanese and South Korean stock markets have opened higher after sinking yesterday.

The Nikkei 225 and Kospi are around 2% higher.

Meanwhile, Australia's ASX 200 opened slightly higher.

Image source, Getty Images

Some key financial markets in the Asia-Pacific region have just opened after yesterday's turmoil.

Trading on stock markets in Japan, South Korea and Australia is getting underway.