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Asian stocks and peso rise on Trump's Mexico, Canada tariff delay

HONG KONG, China — Asian equities rose with the Mexican peso and Canadian dollar Tuesday after Donald Trump said he would delay the imposition of stiff tariffs on imports from the US neighbours, soothing trade war worries for now.

But early euphoria was tempered after China announced levies on some imports of US goods as Washington's measures kicked in, with no news that the two sides had reached an agreement to pause.

Markets from Japan to New York were sent tumbling Monday after news at the weekend that Trump had signed off 25 percent duties against Mexico and Canada, fanning concerns for the stuttering global economy.

Hours before the tariffs were due to take effect, Trump said he had struck deals with Canadian Prime Minister Justin Trudeau and Mexican President Claudia Sheinbaum on immigration and fentanyl, and would postpone the measures for a month.

Talks on final deals would continue with both countries, he added.

The tycoon added that he would hold talks with Beijing "probably in the next 24 hours" to avoid new 10 percent tariffs on Chinese imports.

However, with the deadline for the tariffs passing at 0500 GMT, China unveiled tariffs on a range of US goods, including crude, coal, liquefied natural gas, agricultural machinery, large-engined vehicles and pickup trucks.

Beijing also said it would file a complaint with the WTO and announced a probe into tech giant Google as well as adding US fashion group PVH Corp. -- which owns Tommy Hilfiger and Calvin Klein -- and biotech giant Illumina to a list of "unreliable entities".

China, Canada and Mexico are the United States' three biggest trading partners and had warned they would retaliate.

News of the deals with Mexico and Canada saw the Mexican peso surge more than three percent -- having tumbled to a three-year low on Monday -- before paring the gains slightly. The Canadian dollar jumped more than one percent.

Asian stock markets also advanced, though unease about the lack of movement on averting the Chinese tariffs saw traders' pare some of the morning's gains.

Hong Kong, which rose more than three percent in the morning, was up more than two percent, with analysts saying the measures so far would not

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