By Kosaku Narioka and P.R. Venkat

Asian stock markets rose Monday after the U.S. exempted some electronics products from tariffs, though President Trump indicated that sector-specific levies may be still on the way.

Japan's Nikkei Stock Average rose 1.2%, South Korea's Kospi gained 1.0%, and Shanghai Composite Index rose 0.8% and Hong Kong's Hang Seng Index was 2.4% higher.

Among major gainers, iPhone assembler Foxconn Technology Group rose 3.0%, Samsung Electronics added 1.8%, Lenovo Group was up 2.5%, chip-testing equipment maker Advantest climbed 4.9% and electronics maker TDK added 4.4%.

Late Friday, the Trump administration announced that smartphones, laptops and several other electronics products would be exempt from the sweeping tariffs imposed earlier this month--a decision that provides a reprieve for Apple and other companies that manufacture many items in China. However, Commerce Secretary Howard Lutnick said Sunday that many tech products would still face separate levies within a month or two.

"While any tariff rollback may offer near-term relief, the economic drag from existing tariffs will be a key risk to monitor in the months ahead," said IG market strategist Yeap Jun Rong. "Recession risks have eased somewhat compared to a month ago, but remain elevated," he said.

Uncertainty surrounding Trump's sweeping tariff plans has affected markets worldwide and prompted some governments to take steps to mitigate the impact on their economies.

Chinese President Xi Jinping called for deeper China-Vietnam cooperation in manufacturing and supply chains ahead of his three-nation visit to Southeast Asia this week.

Japanese Prime Minister Shigeru Ishiba said Monday that President Trump's trade policy could reshape the global economic landscape, calling for close cooperation among countries facing similar challenges.

On Monday, Singapore's central bank eased policy settings as the city-state braced for a sharp economic slowdown amid dimming prospects for global trade and growth.

Trump's 90-day pause on so-called reciprocal tariffs for trading partners--excluding China--offered some relief and raised hope for negotiations, though concerns over a protracted trade war with China persisted.

Australia's S&P/ASX 200 gained 1.3% and Malaysia's benchmark Kuala Lumpur Composite Index was 1.4% higher. The Indian market was closed for a public holiday.

Write to Write to Kosaku Narioka at kosaku.narioka@wsj.com and P.R. Venkat at venkat.pr@wsj.com

(END) Dow Jones Newswires

April 14, 2025 04:23 ET (08:23 GMT)

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