Trump tariff reprieve sparks Asian stock surge, Nikkei jumps 7pc

 

Trump tariff reprieve sparks Asian stock surge, Nikkei jumps 7pc



In Japan, the Nikkei 225 was up 7.2 per cent to 33,999.33. — Reuters pic

Thursday, 10 Apr 2025 8:59 AM MYT


TOKYO, April 10 — Stocks in Asia rebounded strongly in early trade today after US President Donald Trump’s stunning reversal on sweeping reciprocal tariffs.

Trump yesterday announced a 90-day pause on the most onerous new tariffs on imports to the United States for every country except China, sending US stocks soaring.



In Japan, the Nikkei 225 was up 8.3 per cent in morning trade today while in Seoul the Kospi was up over 5 per cent. In Australia the ASX 200 jumped more than 6 per cent.

Shanghai was yet to open.


Masayuki Kubota from Rakuten Securities in Japan called Trump’s announcement “a wonderful big surprise”.



The Japanese yen, seen as a safe haven, climbed by 0.64 per cent against the greenback, to 146.83 yen to the dollar, and gold gained 0.5 per cent to 3,097 dollars an ounce.

Japanese auto giant Toyota’s share price rose almost 10 per cent while rival Honda climbed more than 8 per cent higher.


Trump’s tariffs of 25 per cent on car imports remains in place, however.

Chip-related technology firms also recovered strongly with Advantest up 15 per cent and Screen Holdings up 10.5 per cent in Tokyo, while SK Hynix soared more than 12 per cent in Seoul.

On Wall Street yesterday, the Dow index soared to close nearly 8 per cent higher while the Nasdaq rose 12.2 per cent to notch its best day in 24 years. — AFP