Asian stocks advanced on Thursday as U.S. President Donald Trump's sweeping new tariffs take effect against dozens of countries.
Underlying sentiment was underpinned by Fed rate cut bets, hopes for a Sino-U.S. trade deal and better-than-expected Chinese export data.
The dollar index slipped under the 98 mark as recent weak jobs data revived September rate cut speculation.

Gold rose more than half a percent to hover around $3,390 per ounce levels, while oil prices rose about 1 percent after the Energy Information Administration's (EIA) latest report revealed a bigger than expected drop in crude oil inventories.

China's Shanghai Composite Index edged up by 0.2 percent to 3,639.67 as data showed exports surged 7.2 percent in July in U.S. dollar terms from a year earlier, exceeding expectations ahead of the U.S. tariff truce deadline. Imports jumped 4.1 percent, while economists had predicted a 1.0 percent decrease.

Hong Kong's Hang Seng Index climbed 0.7 percent to 25,081.63, with real estate, EV and tech stocks leading the surge.

Japanese markets advanced on easing tariff concerns and encouraging updates from domestic firms. The Nikkei 225 Index rose 0.7 percent to 41,059.15, while the broader Topix Index settled 0.7 percent higher at 2,987.92.

Financials outperformed, with Mizuho Financial, Mitsubishi UFJ Financial Group and Sumitomo Mitsui Financial rising 1-2 percent.

Chip-making equipment maker Tokyo Electron tumbled 2.5 percent to extend losses for a third day running on concerns over a potential slowdown in global chip production as Trump announced plans to impose a tariff of about 100 percent on semiconductor chips imported from countries not producing in America or planning to do so.

Seoul stocks rallied, led by gains in tech and auto stocks after Trade Minister Yeo Han-koo said Korea will be treated as a most favored nation (MFN) under the bilateral tariff deal. The Kospi jumped 0.9 percent to 3,227.68.

Samsung Electronics gained 2.5 percent on news that the chipmaker will manufacture Apple Inc.'s next-generation processor at its foundry in Austin, Texas.

Australian markets ended slightly lower as investors took some profits after two record-high sessions. The benchmark S&P/ASX 200 Index dipped 0.1 percent to 8,831.40, while the broader All Ordinaries Index ended little changed with a negative bias at 9,102.

Across the Tasman, New Zealand's benchmark S&P/NZX-50 Index finished marginally higher at 12,887.10 amid concerns over newly imposed U.S. tariffs.

U.S. stocks rose notably overnight as investors reacted to a slew of earnings, President Trump's tariff threat on pharma and chips, and a new $100 billion investment pledge from Apple to expand its U.S. operations.

The tech-heavy Nasdaq Composite jumped 1.2 percent, the S&P 500 added 0.7 percent and the Dow inched up 0.2 percent.