World markets rally after Trump gives tariff exemption to electronics
Global News
U.S. President Donald Trump said electronics such as computer chips, smart phones and laptops won’t face the same U.S. import duties as some other products.
World markets rallied Monday after U.S. President Donald Trump said electronics such as computer chips, smart phones and laptops won’t face the same U.S. import duties as some other products, giving tech shares a boost.
In early European trading, Germany’s DAX gained 2.4 per cent to 20,857.54, while the CAC 40 in Paris was up two per cent at 7,245.28. Britain’s FTSE 100 added 1.8 per cent to 8,104.83.
The future for the S&P 500 gained 1.2% while that for the Dow Jones Industrial Average was up 0.9 per cent.
Asian shares logged sturdy gains. Japan’s Nikkei 225 rose 1.2 per cent to 33,982.36 and South Korea’s Kospi gained one per cent to 2,455.89.
Shares in technology companies surged, with Tokyo Electron up 1.4 per cent and Advantest, a testing equipment maker, up 4.9 per cent. South Korea’s biggest company, Samsung Electronics, gained 1.8 per cent.
Hong Kong’s Hang Seng jumped 2.4 per cent to 21,417.40, while the Shanghai Composite index picked up 0.8 per cent to 3,262.81 after the government reported that China’s exports surged 12.4 per cent in March from a year earlier.
Trump said he was temporarily exempting smartphones, computers and other electronics from his tariffs after China announced Friday that it was boosting its tariffs on U.S. products to 125 per cent in the latest tit-for-tat increase following Trump’s escalations on imports from China.
The Chinese Ministry of Commerce said Trump’s move was “a small step” toward fixing its wrongful action of what Trump calls reciprocal tariffs. It urged him to completely cancel them.
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