Hong Kong stocks rose after the Trump administration announced a pause in tariffs for phones, computers and consumer electronics, though officials later downplayed the reprieve.

The Hang Seng Index gained 2.15%, while The Hang Seng Tech Index jumped 3.13%.

In terms of star stocks, Lenovo Group rose 9%; NIO rose 8%; XPeng and Baidu rose 5%; Alibaba, BYD, and NetEase rose 4%; Kuaishou, SMIC, Li Auto, and Bilibili rose 3%; Tencent, Meituan, and Xiaomi rose 2%; JD.com rose 1%.

Later Friday, US Customs and Border Protection published measures excluding such products from the 125% China tariff and baseline 10% global tariff on nearly all other countries.

US Commerce Secretary Howard Lutnick and other administration officials on Sunday insisted it was only a pause before new tech tariffs are implemented, adding that these will be coming in the next couple of months.

“I think it is ‘net’ reprieve, as the bet that electronics will still be less than the 125% reciprocal on China and that companies get to build buffer now,” said Vishnu Varathan, head of economics and strategy at Mizuho Bank. The biggest beneficiary in Asia around this news will likely be China “temporarily, but I would not take too much solace in that as the guns are still trained on China.”