06:51 AM EDT, 06/02/2025 (MT Newswires) -- Asian stock markets largely fell back Monday after US President Donald Trump boosted steel and aluminum import levies to 50% late on Friday, while accusing China of violating interim trade agreements.

On Sunday, China accused the US of "seriously violating" the 90-day truce between Washington and Beijing.

Hong Kong, Shanghai and Tokyo finished in the red, as did most other regional exchanges.

In Japan, the Nikkei 225 opened lower and could not recover, finishing off 1.3% as traders weighed trade turmoil. A stronger yen undercut export issues.

The benchmark Nikkei 225 fell 494.43 to 37,470.67, as losing issues outnumbered gainers 164 to 59.

Leading the upside was Sumitomo Pharma, up 5.9%, while silicon wafer-maker Sumco lost 4.4%.

In economic news, the Japan manufacturing purchasing managers index (PMI) rose to 49.4 in May from 48.7 in April, but still struck below the 50-mark that separates growth from contraction, reported S&P Global.

In Hong Kong, the Hang Seng Index opened lower, gained in trading, but still closed down 0.6% on US-China trade concerns.

The broad gauge Hang Seng fell 131.80 to 23,157.97, as losing issues outnumbered gainers 58 to 23. The Hang Seng TECH Index lost 0.7% on the day, while the Mainland Properties Index fell 1.9%.

Leading the upside was gaming-house Sands China, gaining 4.3%, while property-developer Longfor declined 5.1%.

On the mainland, the Shanghai Composite fell 0.5% to 3,347.49.

In economic news, China's official manufacturing PMI rose to 49.5 in May from 49.0 in April, while the nation's non-manufacturing PMI eased to 50.3 in May from 50.4 in April, reported the National Bureau of Statistics.

On the other regional exchanges, the S. Korean KOSPI was up 0.1%; the Taiwan TWSE declined 1.6%; the Australian ASX 200 declined 0.2%, and the Singapore Straits Times Index fell 0.1%. In late trading in Mumbai, the Sensex was down 0.1%.

In other news, the seasonally adjusted India manufacturing PMI declined to 57.6 in May from 58.2 in April, but still struck well into the expansion zone, reported S&P Global.