* Currencies largely flat, equities mixed * Thailand may see impact of up to $8 bln from U.S. tariffs * New U.S. tariffs announcement scheduled for 2000 GMT By Himanshi Akhand April 2 (Reuters) – Asian stock markets showed a varied performance on Wednesday, with currencies largely muted, as investors awaited details of U.S. President Donald Trump’s latest round of tariffs that could deepen a global trade war. Equities in Singapore and South Korea fell 0.3% each, while those in the Philippines and Malaysia added 0.7% and 0.6%, respectively. Investor focus has been on Trump’s tariff proposal set to be unveiled on Wednesday, dubbed “Liberation Day”. Trump previously said that nearly all countries would face duties, which are expected to take effect immediately after the announcement. “Much will hinge on Trump’s tone – whether he signals openness to negotiations or doubles down on more confrontation,” DBS analysts said in a note. “Risk aversion will take hold if the U.S. tariffs are broad and aggressive, with a second wave of volatility expected should China and the EU respond swiftly with retaliatory measures.” Since taking office in January, Trump’s tariff measures, including higher duties on all goods from China, the region’s largest trading partner, have sent emerging markets into a tizzy, resulting in heavy outflows from Southeast Asian equities. Stocks in Thailand, which lost more than 15% in the first quarter, were up 0.4% on Wednesday. Senior officials said that Thailand could suffer a $7 billion to $8 billion hit from potential tariffs if the U.S. administration were to even up levies between the two countries, but it has a strategy for trade negotiations. Semiconductor exports from Thailand, Southeast Asia’s second-largest economy, could face tariffs of 25% from the United States, according to the officials. India and Thailand have the largest difference in the effective tariff rates with the U.S., making them prime targets for reciprocal tariffs, ANZ analysts said. The baht was last quoted at 34.125 per dollar, and the Indian rupee weakened 0.2%. Malaysia’s ringgit lost 0.3%, while other regional currencies, including Singapore’s and Taiwan’s dollar, were largely flat. ANZ analysts noted that financial conditions across the region have remained supportive, partly due to the monetary policy easing by Asian central banks so far. “However, we see a limit to how much further Asian central banks can cut rates. And with fiscal policy being constrained, we see a need for Asian currencies to bear a bigger burden of the tariff impact,” the analysts said. HIGHLIGHTS: ** Markets in Indonesia closed for a public holiday ** BOJ warns of possible hit to global trade from planned new US tariffs ** Thailand expects only short-term economic impact from quake, official says Asia stock indexes and currencies as of 0418 GMT COUNTRY FX RIC FX FX INDEX STOCKS STOCKS DAILY YTD % DAILY YTD % % % Japan -0.12 +4.93 0.13 -10.59 China India -0.21 -0.04 0.45 -1.58 Indonesi – -2.81 – -8.04 a Malaysia -0.27 +0.47 0.62 -7.26 Philippi -0.04 +1.47 0.69 -4.68 nes S.Korea Singapor +0.08 +1.68 -0.28 4.49 e Taiwan -0.02 -1.27 -0.02 -7.64 Thailand +0.07 +0.51 0.36 -16.28 (Reporting by Himanshi Akhand in Bengaluru; Editing by Sherry Jacob-Phillips)
