Mumbai, May 13 -- Asian stocks ended mixed on Tuesday as initial euphoria over the U.S.-China trade deal faded and investors lowered their bets of Federal Reserve rate cuts this year.

Uncertainty still lingered and there was apprehension over whether anything durable would come out of the trade talks after a 90-day halt.

Ratings agency Fitch said that the U.S. effective tariff rate is now reduced to 13.1 percent from 22.8 percent prior to the agreement but still at levels unseen since 1941 and much higher than the 2.3 percent it was at the end of 2024.

Global free trade is in crisis, the head of the World Trade Organization chief said while meeting Japanese Prime Minister Shigaru Ishiba earlier today.

The dollar wobbled ahead of close...