Japanese and South Korean stocks rose on cautious hopes for a pre deadline trade deal with the U.S. The Nikkei 225 added 0.3% and the broader Topix closed up 0.2% after President Trump warned of 25% tariffs from August 1 on both countries. South Korea’s Kospi jumped 1.8% to a two week high.

“Twenty five percent is certainly high, but there’s still optimism,” said Yusuke Sakai of T&D Asset Management. Morgan Stanley economist Kathleen Oh noted that “a July deal is now on the table” for Korea, while Rakuten Securities’ Masayuki Doshida suggested that scaling back from a prior 35% threat to 25% may ease investors’ concerns.