Stocks rose and U.S. Treasury yields firmed on Wednesday as investors assessed the latest U.S. tariff salvo along with Federal Reserve Chair Jerome Powell's signal of a patient path for rate cuts.

Financial markets were largely biding time ahead of a reading on U.S. consumer prices due later in the day which could guide the outlook for monetary policy there.

Investors also had their eye on any tariff developments, with advisers to U.S. President Donald Trump said to be finalising plans for reciprocal tariffs that he has vowed to impose on every country that charges duties on U.S. imports.

Trump had on Monday raised tariffs on steel and aluminum imports to 25% from the previous 10%, eliminated country exceptions, as well as product-specific exclusions, though said he was considering an exemption for Australia.

Japan's industry minister Yoji Muto said on Wednesday that the government has also requested that the United States exempt Japan.

China's CSI300 blue-chip index (.CSI300) and the Shanghai Composite Index <.SSEC> rose 0.3% each.

Hong Kong's Hang Seng Index (.HSI) jumped 1.83%. Hong Kong-listed shares of Alibaba (9988.HK) surged to a four-month peak after a media report that it is partnering with Apple to roll out artificial intelligence features for iPhone users in China.

Japan's Nikkei (.N225) rose 0.4%.

Treasury yields extended gains after Powell's testimony as investor attention turns to the latest reading of consumer prices on Wednesday.

The yield on benchmark U.S. 10-year notes touched a one-week high of 4.5560%, while the two-year yield steadied at 4.3023%.

Markets have been slowly scaling back expectations for Fed rate cuts this year, largely expecting the U.S. central bank to hold rates steady at its March and May meetings.

Powell on Tuesday said: "We are in a pretty good place with this economy", noting that the Fed was in no hurry to make further interest rate cuts, but stood ready to do so if inflation declines further or the job market weakens.