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........

© International Business Times