With the deadline for tariffs now moved to August 1, investors are pinning their hopes on negotiations to stave off an all-out trade war. "Market volatility is likely to pick up, but the latest development does not constitute an escalation in the trade war," UBS analysts said.

Wall Street ended mixed a day after a broad sell-off in response to the Trump administration setting new tariffs on more than a dozen nations.

Asian shares are mostly higher after stocks fell on Wall Street as the Trump administration stepped up pressure on trading partners to make deals before punishing tariffs imposed by the U.S. take effe