Asian stock markets mostly advanced on Thursday, supported by hopes that global leaders will reach agreements to ease the impact of US President Donald Trump’s new wave of tariffs. Despite Trump expanding his list of trade penalties, investors remained optimistic, with gains across key Asian indices and US markets continuing to hit record highs.Bitcoin also stayed strong near its all-time high of $112,000, buoyed by rising investor interest and growing institutional adoption.Meanwhile, tensions rose between the US and Brazil after Trump imposed a steep 50% tariff on Brazilian goods. The move triggered a sharp sell-off in Brazilian assets and drew a strong response from President Luiz Inácio Lula da Silva, who condemned the decision and vowed to impose retaliatory measures.In the wider trade landscape, more than 20 US trading partners, including Japan and South Korea, have received tariff letters in recent days as the White House pushes its “Liberation Day” trade agenda, originally set for a July 9 deadline but now extended to August 1. Trump has also floated a 50% tariff on copper imports and is considering a 200% tariff on pharmaceuticals.Despite rising trade tensions, Wall Street continued its rally, with the Nasdaq hitting another record high, driven by a surge in Nvidia, which briefly hit a $4 trillion market valuation. Regional Asian markets followed the positive momentum, with Hong Kong, Shanghai, Sydney, Seoul, and Singapore all ending higher. Japan’s Nikkei 225, however, slipped 0.5% after facing a 25% UStariff and stalled talks with Washington.Key figures as of 0230 GMT