Global stock markets experienced a significant upswing on Monday following the announcement that key consumer electronics would be temporarily exempt from President Donald Trump's extensive tariffs.
Leading the way, Hong Kong’s Hang Seng Index surged by 2.29%, while the Hang Seng Tech Index saw a gain of 2.2% at the start of trading.
In mainland China, the Shanghai Composite Index increased by 0.76%, and the Shenzhen Component Index rose by 0.5%. Japan's Nikkei 225 jumped 1.5%, with the broader Topix Index up nearly 0.9%. South Korea’s Kospi climbed 0.95%, and Australia’s S&P/ASX 200 closed the day 1.34% higher. However, Taiwan’s Taiex Index was an outlier, dipping 0.08%.
European markets also opened on a positive note, with the pan-European STOXX 600 rising 1.8%. Germany’s DAX gained over 2%, France’s CAC 40 advanced by 1.9%, and the UK’s FTSE 100 increased by 1.95%.
US futures mirrored this optimism, as Dow Jones futures were up 0.71%, S&P 500 futures climbed 1.19%, and Nasdaq futures jumped by 1.57%.
This market rally followed a recent announcement from US Customs and Border Protection that certain items, including smartphones, computers, flat-panel TV displays, memory chips, and other semiconductor-based devices, would be temporarily excluded from tariffs. This decision provided much-needed relief to technology companies concerned about Trump’s proposed 145% tariffs on all Chinese goods.
However, the administration quickly clarified that these exemptions are not permanent. Commerce Secretary Howard Lutnick stated in an interview with ABC News that semiconductors from China would still be subject to a “special-focus type of tariff.” Trump reiterated this sentiment in a Truth Social post, asserting that there were no permanent exemptions and that semiconductor tariffs would simply be categorized differently.
“Nobody is getting ‘off the hook’ for the unfair trade practices and non-monetary tariff barriers that other countries, especially China, have imposed on us,” Trump stated.
When pressed for clarity on the exemptions, Trump indicated that more details would be provided on Monday, asserting, “We’re taking in a lot of money as a country.”
Source: TribuneOnline
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