Trump’s Tariff Twist Lifts Tech Stocks, Futures Gain – Asia Market Wrap

Asian shares climbed with US equity-index futures after President Donald Trump’s threat of 100% tariffs on chip exporters came with exemptions for companies like Apple that invest in the US.

MSCI’s Asian stock gauge advanced 0.8% – the biggest gain in two weeks – while contracts for the S&P 500 and Nasdaq 100 rose 0.3%. Contracts for Europe also traded higher. Asian technology shares rallied, led by Taiwan Semiconductor Manufacturing and Samsung.

Oil rose after a five-day drop – the longest losing run since May – as investors tracked US efforts to punish buyers of Russian crude, and a diplomatic push by Trump to end the Ukraine war. Bonds dipped with the yield on 10-year Treasuries rising two basis points to 4.25% while a gauge of the dollar consolidated after a four-day drop.

Market sentiment got a boost after Trump announced that companies producing goods in the US would be eligible for exemptions from the proposed levies, easing investor concerns over potential supply chain impacts. Increasing speculation on a Federal Reserve interest-rate cut are also supporting optimism in stocks even as Trump’s sweeping new tariffs to reshape global trade officially took hold Thursday.

Trump said the US would charge “a tariff of approximately 100% on chips and semiconductors,” late Wednesday in the US. He added “but if you’re building in the United States of America, there’s no charge.”
The comments came as Apple Chief Executive Officer Tim Cook unveiled a $100 billion US investment plan alongside Trump in the Oval Office.