China's Shanghai Composite Index was flat.
Markets in Australia and Hong Kong were down but by less than one per cent.
The tariffs will start at 10 per cent and rise to 25 per cent starting January 1st 2019.
China has said it's ready to impose retaliatory tariffs on US goods. The US had already imposed tariffs on $50 billion in Chinese imports.
While a tariff escalation did pose risks to corporate profits the trade stoush appeared to playing out in a predictable pattern, said JBWere investment strategist Bernard Doyle.
"Whatever you say about Trump he has followed a playbook through these trade disputes," he said.
In the past few months he seemed to have made progress in settling with Mexico and Canada over NAFTA and settling with Europe, he said. His focus was now very much on China.
"So the trade risk does seem to following a rational path," he said. "Obviously markets would love to see some sort of truce with China."
While the first round of US tariffs hit mainly industrial goods the latest round is much more consumer targeted, said Michael McCarthy chief market strategist at CMC Markets.
Some tech goods, including Apple Watches and Fitbits, have been exempted.
"In any normal circumstances an inflationary move that puts a brake on growth would be an unambiguous negative. However given many economies face inflation that is too low there could be a more nuanced impact on investor thinking," he said.
Spark gained 1.9 per cent to $4.06, a yield of 6.3 per cent, NZX rose 1.8 per cent to $1.11, a yield of 7 per cent, Genesis Energy advanced 1.8 per cent to $2.55, with a yield of 6.7 per cent, and Meridian Energy increased 1.5 per cent to $3.35, a yield of 5.8 per cent.
Grant Williamson, a director at Hamilton Hindin Greene, said the power companies were still benefiting from last week's electricity price review paper, which removed a fear of government intervention.
"The market continues to be underpinned particularly with the low interest rate environment," he said. "Business confidence might be dimming, but it's not flowing through to the stock market."
Sky Network Television rose 2.9 per cent to $2.12, leading the market higher. The pay-TV operator has been trading near a post-Independent News Ltd merger low ahead of the stock's exit from the S&P/ASX 300 index at the end of the week.
Auckland International Airport increased 2.5 per cent to $7.145 after announcing plans to raise money through a retail bond. A number of listed companies have turned to the debt market as an alternative to cheap finance.
Exporters Comvita rose 2.6 per cent to $6.30 and Fisher & Paykel Healthcare gained 1.5 per cent to $15.32. Mainfreight, which has operations spanning Europe and North America, gained 0.5 per cent to $29.50.
Kathmandu Holdings rose 1.6 per cent to $3.23 after reporting a 33 per cent increase in annual profit, as expected. The retailer outlined plans for a dual-brand strategy in expanding in the US and Europe. Shareholder Briscoe Group fell 0.9 per cent to $3.50 ahead of its own result on Thursday.
Synlait Milk fell 1.3 per cent to $12.78 ahead of its annual result due tomorrow. Partner A2 Milk Co declined 1.2 per cent to $12.14.
Tourism Holdings dropped 2.8 per cent to $5.24, extending its quarterly decline to 22 per cent. First NZ Capital today affirmed its 'underperform' rating on the stock and held its target price at $5.09.
Arvida Group gained 0.8 per cent after the retirement village operator said there wasn't much spillover from the cooling property market with resale margins still widening.
Outside the benchmark index, Future Mobility Solutions was unchanged at 11.6 cents after a claim alleging it breached fair trading and defamation laws was filed in the High Court. The dispute originates from a disagreement on intellectual property rights.
Pyne Gould Corp gained 6.3 per cent to 34 cents after the asset manager re-filed a claim against Bath Street Capital over a disputed deferred payment, which had been dropped two years ago. Bath Street will defend the litigation and file its own suit.
