Bank of America lowered its global growth outlook in a note Monday, citing the disruptive impact of escalating tariffs and mounting economic uncertainty tied to U.S. trade policy under Donald Trump.

Most Asian stocks moved in a flat-to-low range on Tuesday as investors remained on edge over U.S. President Donald Trump’s trade tariffs and his persistent criticism of Federal Reserve Chair Jerome Powell. 

Oil prices climbed on Tuesday as investors took advantage of the previous day’s losses to cover short positions, although concerns persisted over economic headwinds from tariffs and U.S. monetary policy that could dampen fuel demand.

China’s exports are likely to deteriorate amid a bitter trade war with the U.S., ANZ analysts said in a Tuesday note, but the country’s trade balance- particularly its massive surplus- may be less impacted. 

The dollar marked a fresh low against the yen and hovered around multi-year lows versus the euro and the Swiss franc on Tuesday as President Donald Trump’s attacks on the Federal Reserve raised concerns about the central bank’s independence.

Asian stocks were mixed in Monday’s holiday-thinned session, as Chinese equities rose after the country’s central bank kept loan prime rates steady, while Japanese shares fell after stronger-than-expected inflation data from last week.