Asian stock markets mixed after Trump tariffs announcement while gold reaches record high

Analysts say measures so far have been less than feared but traders still cautious as uncertainty about US policy has basically exploded'

Asian markets were mixed on Tuesday as traders kept a nervous eye on Donald Trump's next moves after he signed off on 25% tariffs for steel and aluminium imports, having warned of more measures to come.

The president has lived up to his campaign pledges to resume his hardball trade diplomacy to extract concessions on a range of issues, including commerce, immigration and drug trafficking.