Asia-Pacific markets traded mixed on Friday as renewed concerns over the escalating U.S.-China trade conflict weighed on investor sentiment, following an overnight sell-off on Wall Street.

Australia’s S&P/ASX 200 dropped 1.32%, while Japan’s Nikkei 225 plunged 4.19% and the broader Topix index shed 3.98%. South Korea’s Kospi fell 0.92%, although the tech-heavy Kosdaq gained 1.51%.

In contrast, Hong Kong’s Hang Seng Index rose 0.56%, and Taiwan’s Taiex led regional gains with a 2% surge. China’s CSI 300 edged down 0.1%, while the Shanghai Composite rose 0.37%.

The volatility followed U.S. President Donald Trump's decision on Wednesday to delay the imposition of new reciprocal tariffs for 90 days. However, the move failed to ease market concerns. ANZ analysts noted that “the extension of time does not alleviate uncertainty,” with skepticism over trade negotiations continuing to cloud the global economic outlook.

The White House confirmed that the cumulative tariff rate on Chinese imports now stands at 145%, factoring in a new 125% duty and an existing 20% linked to the fentanyl crisis.

Despite Wall Street's overnight losses, U.S. stock futures pointed slightly higher ahead of the weekend. Futures on the S&P 500 rose 0.3%, the Nasdaq 100 gained 0.1%, and Dow Jones Industrial Average futures edged up 28 points, or nearly 0.1%.