The Hang Seng Index climbed 2.5 per cent to 21,441.12 as of 11.10am local time. The five-day gain is the longest since January 21. The Hang Seng Tech Index rallied 3 per cent. On the mainland, the CSI 300 Index climbed 0.5 per cent and the Shanghai Composite Index added 0.9 per cent.
Electronics companies led the broader market gains. Personal-computer maker Lenovo Group advanced 5.5 per cent to HK$8.46 and BYD Electronic International rallied 4.3 per cent to HK$34.25. Alibaba Group Holding gained 3.7 per cent to HK$106.80 and Tencent Holdings added 1.6 per cent to HK$450.60. Gold producer Zijin Mining Group jumped 5.3 per cent to HK$17.42 after first-quarter profit rose 63 per cent from a year earlier.
The pause on duties includes smartphones, laptops and memory chips, though the Trump administration said the exemption was only temporary and a separate duty would be imposed on these items. China said the US had taken a very “small step” in rectifying its mistake and urged the White House to do more to scrap the so-called reciprocal tariffs.
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Trump pauses US tariffs on most nations for 90 days but raises levies on China to 125%
Trump pauses US tariffs on most nations for 90 days but raises levies on China to 125%
“Markets, whipsawed by the tariff roulette, needed it,” said Stephen Innes, a managing partner at SPI Asset Management in Bangkok. “But let’s be clear – this isn’t a detente. Trump’s already hinted at fresh semiconductor-focused tariffs next month. So this is a ceasefire, not a peace treaty.”
