(NEW YORK) — Major stock markets in Asia and Europe rose in Monday trading following the U.S. announcement that key consumer electronics would be temporarily exempted from President Donald Trump’s reciprocal tariffs.
Hong Kong’s Hang Seng index led the regional gains, closing 2.4% up with the Hang Seng Tech Index up more than 2%.
On the mainland, Shanghai’s Composite Index rose 0.76% and Shenzen’s Component Index rose 0.51%.
In Japan, the Nikkei 225 in Tokyo rose 1.18% while the broader Topix index rose nearly 0.9%.
Elsewhere, South Korea’s Kospi index grew 0.95% and Australia’s S&P/ASX 200 closed 1.34% higher. Taiwan’s Taeix index slipped by 0.08%.
Tech stocks performed particularly well. Tokyo Electron grew 2%, Advantest — a testing equipment maker — rose 5.4% and South Korea’s Samsung Electronics gained 1.4%.
In Europe, the pan-continental STOXX 600 rose 1.8% on opening. Germany’s DAX index rose more than 2%, France’s CAC 40 rose 1.9% and Britain’s FTSE 100 rose 1.95%.
U.S. futures were also trending up. Dow Jones futures were up 0.71% as of Monday morning, S&P 500 futures were up 1.19% and Nasdaq futures up 1.57%.
Smartphones, computers, flat panel TV displays, memory chips, semiconductor-based storage devices and other electronics are among the items excluded from the Trump administration’s reciprocal tariffs, according to a bulletin from the U.S. Customs and Border Protection published Friday night.
The news suggested possible relief for tech companies concerned by Trump’s 145% tariffs on all goods from China. But the president and his economic advisers stressed over the weekend that any reprieve would be temporary, with specific tariffs to be imposed on goods put under a new national security classification.
Trump posted to Truth Social on Sunday saying there was “was no Tariff ‘exemption’ announced on Friday” and that semiconductor tariffs will “just be moving to a different Tariff ‘bucket.'”
“NOBODY is getting ‘off the hook’ for the unfair Trade Balances, and Non Monetary Tariff Barriers, that other Countries have used against us, especially not China which, by far, treats us the worst!” Trump wrote.
“We are taking a look at Semiconductors and the WHOLE ELECTRONICS SUPPLY CHAIN in the upcoming National Security Tariff Investigations,” Trump added.
Trump did not push back Saturday night when a reporter asked for details on “exemptions.”
“I’ll give you that answer on Monday. We’ll be very specific on Monday,” Trump said. “We’re taking in a lot of money. As a country, we’re taking in a lot of money.”
ABC News’ Selina Wang, Fritz Farrow and Joe Simonetti contributed to this report.
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