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MANILA, Philippines (AP) 鈥� Asian shares retreated on Friday after Wall Street inched to more records as gains for Alphabet and artificial-intelligence stocks helped offset a steep tumble for EV-maker Tesla.

Japan鈥檚 Nikkei 225 fell 0.7% to 41,511.09 after two days of gains following President Donald Trump鈥檚 announcement of a trade deal that would place a 15% tax on imports from Japan. That鈥檚 lower than the 25% rate that Trump had earlier said would kick in on Aug. 1.

Data released on Friday showed the inflation rate in Japan鈥檚 capital Tokyo rose 2.9% year-on-year in July, down from 3.1% in June. Japanese government efforts to moderate inflation are working, though underlying Tokyo price pressures remain elevated, ING Economics said in a commentary. It expects the Bank of Japan to hold interest rates steady at its July 30-31 meeting, but said the central bank would likely raise its forecast for inflation.

In the Chinese markets, Hong Kong鈥檚 Hang Seng shed 1.1% to 25,383.07 and the Shanghai Composite index slid 0.3% to 3,593.38.

On Thursday, China and the European Union issued a joint call to action on climate change during an otherwise tense bilateral summit in Beijing riven with major disagreements over trade and the war in Ukraine.

Next week, U.S. Treasury Secretary Scott Bessent has said he will meet with Chinese officials in Stockholm, Sweden, to work toward a deal with Beijing ahead of a tariff truce that expires on Aug. 12. Trump has said a China trip 鈥渋s not too distant鈥� as trade tensions ease.

鈥淥ne big question for markets is whether the tariff ceasefire is extended. We expect that an agreement will be attainable, but, in the interim, markets will watch closely to see if there are adjustments to current tariff rates in either direction,鈥� ING Economics said.

In South Korea, the Kospi picked up 0.3% to 3,199.91, while Australia’s S&P/ASX 200 shed 0.4% to 8,673.80.

Taiwan鈥檚 Taiex dropped 0.1% and in India, the Sensex fell 0.1%.

On Thursday, the S&P 500 added 0.1% to its all-time high set the day before, closing at 6,363.35. The Dow Jones Industrial Average fell 0.7% to 44,693.91, while the Nasdaq composite rose 0.2% to a record 21,057.96.

Alphabet climbed 1% after the company behind Google and YouTube delivered a fatter profit for the latest quarter than analysts expected. It鈥檚 leaning more into artificial-intelligence technology and said it鈥檚 increasing its budget for AI chips and other investments this year by $10 billion to $85 billion.

That helped push up other stocks in the AI industry, including a 1.7% rise for Nvidia. The chip company was the strongest single force lifting the S&P 500 because it鈥檚 the largest on Wall Street in terms of value.

But an 8.2% drop for Tesla kept the market in check. Elon Musk鈥檚 electric-vehicle company reported results for the spring that were roughly in line with or above analysts鈥� expectations, and Musk is trying to highlight Tesla鈥檚 moves into AI and robotaxis.

The focus, though, remains on how Musk鈥檚 foray into politics is turning off potential customers, and he said several rough quarters may be ahead as 鈥渨e鈥檙e in this weird transition period where we鈥檒l lose a lot of incentives in the U.S.鈥�

Stocks have broadly been rallying for weeks on hopes that President Donald Trump will reach trade deals with other countries that will lower his stiff proposed tariffs, along with the risk that they could cause a recession and drive up inflation.

In other dealings on Friday, U.S. benchmark crude oil added 13 cents to $66.16 per barrel. Brent crude, the international standard, rose 12 cents to $68.48 per barrel.

The U.S. dollar edged higher to 147.21 Japanese yen from 147.00. The euro fell to $1.1737 from $1.1748. ___

AP Business Writer Stan Choe contributed.