Asian shares mostly lower as inflation worries cloud outlook

By YURI KAGEYAMA
AP Business Writer

TOKYO (AP) — Asian shares are mostly lower as worries over inflation temper optimism over President Joe Biden’s remark that he was considering reducing U.S. tariffs on Chinese imports. Benchmarks fell in Tokyo, Seoul, Shanghai and Hong Kong but rose slightly in Sydney. Oil prices and U.S. futures were lower. Biden announced a new economic and trade initiative with the region Monday while on a visit to Japan. He also confirmed to reporters that he planned to discuss the issue of punitive tariffs imposed on China during former President Donald Trump’s administration with Treasury Secretary Janet Yellen once he returns to Washington. The comments raised optimism over a possible easing of tensions between the world’s two biggest economies.