People look at an electronic stock board of a securities firm in Tokyo, Tuesday, Sept. 18, 2018. Asian markets were mixed on Tuesday after President Donald Trump ordered tariffs on $200 billion more in Chinese goods, ramping up tensions between the world's top two economies. (AP Photo/Koji Sasahara)

World stocks advance, unfazed by new US-China tariffs

September 18, 2018 - 4:25 am

SINGAPORE (AP) — European and Asian shares rose on Tuesday, shrugging off U.S. President Donald Trump's decision to place tariffs on an additional $200 billion of Chinese goods starting next week.

KEEPING SCORE: In Europe, France's CAC 40 added 0.2 percent to 5,361, while the DAX in Germany rose 0.3 percent to 12,126. Britain's FTSE 100 gained 0.2 percent to 7,316. Wall Street was set to open higher. Dow and S&P 500 futures were both up 0.2 percent.

ASIA'S DAY: Japan's Nikkei 225, reopening after a national holiday, jumped 1.4 percent to 23,420.54. The Kospi in South Korea added 0.3 percent to 2,308.98. Hong Kong's Hang Seng index rose 0.6 percent to 27,084.66. The Shanghai Composite index rebounded 1.8 percent to 2,699.95. But Australia's S&P/ASX 200 shed 0.4 percent to 6,161.50. Stocks fell in Taiwan and most of Southeast Asia.

MORE CHINESE TARIFFS: On Monday, Trump announced tariffs on an additional $200 billion of Chinese goods starting next week, potentially raising prices on goods ranging from handbags to bicycle tires. The tariffs will start at 10 percent, beginning Monday of next week, and then rise to 25 percent on Jan. 1. China's Commerce Ministry vowed to take "counter-measures" on Tuesday but gave no further details. Beijing has warned that it would hit an additional $60 billion in American goods if Trump ordered more tariffs. If China does retaliate, Trump has threatened to add another $267 billion in Chinese imports to the target list. That would raise the total to $517 billion — covering nearly everything China sells the United States.

ANALYST'S TAKE: "Constructed another way, the tariffs that that the U.S. enacted on China may be a relative subsidy to American businesses as well as non-Chinese foreign exporters," Chang Wei Liang of Mizuho Bank said in a commentary.

ENERGY: Benchmark U.S. crude gained 91 cents to $69.82 a barrel on Tuesday. The contract lost 0.1 percent to settle at $68.91 a barrel in New York. Brent crude, used to price international oils, added $1.07 to $79.12 a barrel. It dropped 0.1 percent to $78.05 a barrel in London.

CURRENCIES: The dollar rose to 112.08 yen from 111.18 yen. The euro edged down to $1.1682 from $1.1683.