By Sameer Manekar

April 14 (Reuters) - Singapore's stocks jumped more than 2% on Monday, while the local currency recouped early losses to edge higher against the dollar, after the city-state's central bank eased its monetary policy for the second time this year.

Asian emerging market stocks traded higher in the morning, lifted by the White House's exemption of smartphones and computers from "reciprocal" U.S. tariffs, but caution prevailed as President Donald Trump warned levies were still likely at some point.

Stocks in Taiwan .TWII, a major semiconductor producer, jumped more than 2% to a one-week high, while South Korea's KOSPI index .KS11 advanced to its best level in 10 days. An MSCI gauge of EM Asian equities .MIMS00000PUS gained more than 1%.

Singapore's FTSE Straits Times Index .STI rose as much as 2.3%, kicking off the week on a positive note after an 8.2% slump last week. Meanwhile, the Singapore dollar SGD= reversed early losses to trade slightly higher at 1.3167 against the greenback.

The Monetary Authority of Singapore loosened its policy, citing that prospects for global growth and trade had dimmed due to the U.S. tariffs. The trade ministry also cut its growth forecast for 2025.

"(We) can't rule out another easing if economic conditions deteriorate further," OCBC economist Selena Ling said.

In Southeast Asia, the Malaysian ringgit MYR= dipped while its benchmark index .KLSE rose 1.7%. Stocks in Indonesia .JKSE jumped 1% in early trade, and the rupiah IDR= edged higher.

HIGHLIGHTS:

** Singapore banks advance up to 2%, DBS DBSM.SI jumps 2.3%

** Trump says chips from China will face national security probe; further tariffs expected

** China's Xi urges greater cooperation with Vietnam

** Markets in India and Thailand closed for holiday

(Reporting by Sameer Manekar in Bengaluru, additional reporting by Jun Yuan Yong in Singapore; Editing by Sherry Jacob-Phillips)

((Sameer.Manekar@thomsonreuters.com;))