China called for all "unilateral" U.S. tariffs to be cancelled on Thursday, as signs emerged that the Trump administration may de-escalate its trade war with Beijing, Reuters reported. China also clarified that it has not held trade talks with Washington despite repeated comments from the U.S. government suggesting there had been engagement. U.S. President Donald Trump has repeatedly said that the U.S. will have a deal with China and on Wednesday said there was "direct contact" between both countries.

South Korea’s economy contracted in the first quarter after large-scale wildfires and political turmoil over its president’s impeachment suppressed consumer sentiment and business activities, the Wall Street Journal reported. The downbeat start to the year comes as a global trade war sparked by President Trump’s sweeping tariffs has darkened the outlook for the export-driven economy, likely bolstering the case for more monetary and fiscal stimulus.

Indonesia’s central bank kept rates on hold even as slowing growth backs the case for a cut, opting to lend support to the rupiah as it watches to see how U.S. tariffs develop, the Wall Street Journal reported. Bank Indonesia’s decision to keep its benchmark seven-day reverse repo rate at 5.75% on Wednesday was widely expected. The central bank also maintained its overnight deposit facility rate at 5.00% and its lending facility rate at 6.50%.

Japanese banks must monitor various risks associated with high levels of uncertainty over global trade policies, the Bank of Japan said on Wednesday, as U.S. President Donald Trump's tariffs have rocked financial markets in recent weeks, Reuters reported. "Japan's financial system has been maintaining stability on the whole," the BOJ said in a semi-annual report. But since the beginning of April, "uncertainty has heightened regarding the formulation of trade and other economic policies in each jurisdiction, geopolitical risks, and developments in global financial markets," the BOJ said.

The U.S. is moving forward with a plan to charge fees on Chinese ships calling at American ports, part of the Trump administration’s effort to counter China’s dominance in ocean shipping and revive the domestic maritime industry, the Wall Street Journal reported. The U.S. Trade Representative’s office on Thursday released the plan to charge steep fees on Chinese-owned and operated ships, and lower fees on Chinese-built vessels operated by non-Chinese carriers. Ships will be charged for each voyage to the U.S. and not for each call at a U.S.

Chinese authorities have asked e-commerce platform operators to stop insisting on merchants refunding customers without requiring the return of goods, to alleviate financial pressure on merchants, Reuters reported. The government met operators including PDD Holdings and concluded the practice must end by July, from which point only merchants will be able to initiate a refund.

Adani Group is in talks with a group of international lenders for an offshore loan for as much as $750 million for its airport unit, Business-Standard.com reported. Lenders include Barclays Plc, First Abu Dhabi Bank PJSC and Standard Chartered Bank Plc. The proceeds would fund capital expenditure and refinance dollar debt due in September. The unit aims to conclude the debt raise by early May, they added. Adani Airport Holdings Ltd. manages seven major airports across India and is nearing the launch of a new $2 billion international hub on the outskirts of Mumbai.