While the Dow Jones Industrial Average posted a 0.4% gain on Thursday as Donald Trump confirmed US import tariffs on steel and aluminium, the late rises in Hong Kong and Shanghai were thought to be tied to the US president accepting a meeting with his counterpart in North Korea, Kim Jong Un.
The two men's warring words over the past year or so have led to fears of an outbreak of nuclear war, but such talk has cooled with the announcement that a meeting between the two men is expected to take place by May.
Gold was, unsurprisingly, lower on the back of this news. After closing at around US$1,320 per ounce on Thursday (UK time), it fell as low as $1,317/oz before steadying around the $1,318.50 level at 08:15.
In the meantime, one of Trump's key plans to make America great again moved a step closer overnight. He confirmed a 25% import tax on steel and 10% tariff on aluminum would be put in place within the next 15 days.
It looks like Canada and Mexico will be exempt through the NAFTA agreement and the US president also left the "door open for other countries to petition for exemptions, stressing several remain great trading partners and allies", Jefferies analyst Seth Rosenfeld said.
This slightly toned down protectionist rhetoric may have, on top of the planned North Korea-US meet, helped the Hong Kong Hang Seng index post a plus-1% return for the day.
Asian steel exporters will surely now look to argue their case with US politicians.
