Ankara: Asian stock markets closed with losses on Tuesday, except South Korea. The decline followed US President Donald Trump's Monday executive order that imposed 25% tariffs on steel and aluminum imports.

According to Anadolu Agency, the Hong Kong Hang Seng index dropped 1.06%, or 227.12 points, to 21,294.86, while the Shanghai index fell 0.12%, losing 4.11 points, to close at 3,318.06. The Shenzhen Component also declined 0.69%, or 73.62 points, to 10,557.62. Meanwhile, India's Sensex fell 1.32%, experiencing a 1,018.20-point drop to end at 76,293.60.

In contrast, South Korea's Kospi index bucked the trend, rising 0.71%, which is 17.78 points, to 2,539.05, following the resolution of its political crisis. Despite the general downturn in the markets, Chinese steel producers saw significant gains. Zhejiang Hangxiao Steel Structure surged 17%, and Hangzhou Iron and Steel rose 10%, reflecting the impact of the new tariffs.