Global markets today: Despite Trump's tariff threats, Asian stocks are rising; the Nikkei is up 5.50% and the Kospi is up 2.30%.

Tuesday saw a robust recovery in Asian markets, with Japan's Nikkei 225 rising 5.5% following an almost 8% decline the day before.

The comeback followed a tumultuous Wall Street session that was sparked by President Donald Trump's promise to raise tariffs to double digits.

In Tokyo, the Nikkei 225 reached 32,819.08 just 30 minutes of opening.

The Kospi in South Korea increased by 2%, and the Australian and New Zealand markets also saw gains.

Futures for the S&P 500 and Nasdaq 100 both increased by more than 1%, and stocks in Australia also saw gains.

However, after Trump threatened to put an additional 50% tariff on China, a U.S.-listed index of Chinese shares fell more than 5%, indicating drops in Hong Kong futures. Early Tuesday trade saw little movement in the U.S. currency or Treasury yields. As investors braced for the fallout from a growing trade war between the two biggest economies in the world, Asian markets fell sharply on Monday, and sovereign bond yields came dangerously close to all-time lows. The long-feared trade war has clearly entered a more aggressive phase, as seen by China's countermeasures in reaction to President Trump's wide tariffs.

Hong Kong stocks fell 13.2% on Monday, the biggest single-day loss since the Asian financial crisis of 1997, as Asian markets fell precipitously.