Global stock markets opened the week with solid gains following a surprise announcement from the White House.
On Friday, the U.S. administration decided to exempt key products — including smartphones, computers, and semiconductors — from President Trump’s sweeping retaliatory tariffs, at least temporarily.
This triggered a rally, especially in Asia, where Hong Kong’s Hang Seng Index closed up 2.4%.
Technology stocks led the surge, with the more specialized Hang Seng Tech Index climbing over 2%. China’s Shanghai and Shenzhen indexes also gained, rising 0.76% and 0.51% respectively, while Tokyo’s Nikkei 225 added 1.18%.
Top performers included Tokyo Electron and Advantest, which rose 2% and 5.4% respectively. South Korea’s Samsung Electronics followed suit with a 1.4% increase.
Europe and Wall Street Join the Rally
The mood was also buoyant in Europe. The broad STOXX 600 index opened up 1.8%, with Germany’s DAX, France’s CAC 40, and the UK’s FTSE 100 all up around or above 2%.
Across the Atlantic, U.S. stock futures pointed upward on Monday morning. Nasdaq futures jumped 1.57%, while S&P 500 and Dow Jones futures were also solidly in the green.
The market reaction came after a bulletin from U.S. Customs and Border Protection listing numerous consumer electronics as exempt from the previously announced 145% tariff rates.
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Trump’s Mixed Signals – and an Uncertain Future
But just as investors breathed a sigh of relief, Trump himself dampened the optimism with a Truth Social post on Sunday:
“There was no tariff ‘exemption’ announced Friday,” he wrote, adding that semiconductor products were merely being reassigned to another “tariff category.”
The president insisted that no country would escape the consequences:
“NOBODY is getting ‘off the hook’ for the unfair Trade Balances… especially not China which, by far, treats us the worst!”
At the same time, his economic advisers confirmed that new tariffs — particularly on chips and parts of the electronics supply chain — are in the works as part of a national security review. The timeline remains unclear, but early indications suggest the first levies could be introduced as soon as next week.
Dollar Weakens – Gold Hits New Record
While equities rallied, currency markets showed signs of unease. The dollar fell against both the euro and the Swiss franc, the latter hitting its strongest level in a decade. Meanwhile, gold prices reached a new record as investors sought safe havens — acknowledging that the relief in the electronics sector might be short-lived.
China recently raised tariffs on U.S. goods by up to 125%, but President Xi Jinping has also warned against protectionism and suggested that China may not escalate the situation further.
According to export data released Monday, Chinese shipments to the U.S. rose by more than 12% in March — likely in a race against time before the new tariffs fully take effect.
Market Relief – With a Catch
Although financial markets welcomed the news with open arms, uncertainty is just beneath the surface. Temporary exemptions could quickly give way to new restrictions, and investors are well aware that Trump’s trade strategy is anything but predictable.
Our team may have used AI to assist in the creation of this content, which has been reviewed by our editors.