Asian stocks rose slightly on Thursday, riding on optimism from Nvidia's brief rise to a world-record $4 trillion valuation and as investors largely shrugged off U.S. President Donald Trump's latest tariff salvos.

Asia-Pacific markets are set to trade mixed on Thursday after U.S. President Donald Trump announced that the U.S. will slap a 50% tariff on Brazilian imports beginning August 1.

The total value of goods exchanged between the US and China plunged below 2020's pandemic era low in the second month of the new tariff war between two nations.

The value of apparel imports from China to the U.S. fell in May to its lowest monthly level in 22 years, according to latest trade data, highlighting the impact of steep U.S. tariffs. China has for years been the biggest exporter of clothes to the U.

Relying on Asian suppliers is no longer a safe bet for many factories in Mexico. Companies are racing to change, and they are being encouraged by the government.

European Commission President Ursula von der Leyen said that there needed to be a “genuine rebalancing” in the China-Europe relationship.

Donald Trump’s latest act of trade brinkmanship risks creating a “tariff wall” around the manufacturing hubs of south-east Asia, leading to higher prices and tough choices for US consumers and industry, analysts warn.

The average U.S. tariff on Chinese exports now stands at 51.1%, while the average Chinese duty on U.S. goods is 32.6%, with both sides covering all their trade, the Peterson Institute for International Economics said.