Several investment banks have moved to slash China's growth forecasts this year, with most doubting Beijing can achieve the official target of "around 5%" this year.

But shares in TSMC, the world's largest contract chipmaker have slipped, after US President Donald Trump said he would announce a tariff rate on imported semiconductors over the next week. He did add however, that there would be flexibility on some companies in the sector.

Trump has described the tariffs as "reciprocal," saying the steep toll will correct a grievance he's held for "35 years:" that the U.S. is being "ripped off" by trade imbalances. The president has claimed the tariffs will prompt countries to try to negotiate a deal with the U.

Some trade policy relief and strong bank earnings helped push Wall Street up slightly on Tuesday, while U.S. government bonds and the dollar were steady, after U.S. President Donald Trump touted possible tariff changes on autos.