CANBERA (dpa-AFX) - Asian stocks advanced on Monday, with technology stocks leading the surge after the Trump administration decided to exempt certain consumer electronics from its so-called reciprocal tariffs.
However, both President Trump and U.S. Commerce Secretary Howard Lutnick clarified that phones, computers and popular consumer electronics will come under separate tariffs, along with semiconductors, that may be imposed in a month or so.
The dollar remained weak in Asian trade and gold hele near a record high while oil prices edged up after Chinese data showed a sharp rebound in crude imports in March.
Chinese shares rose as the U.S. paused some tech tariffs and data showed Chinese exports experienced a remarkable 12.4 percent in March as a result of increased shipments ahead of impending U.S. tariffs.
The benchmark Shanghai Composite index gained 0.76 percent to close at 3,262.81 while Hong Kong's Hang Seng index climbed 2.40 percent to 21,417.40.
Japanese markets ended higher as iPhone-related shares jumped after the Trump administration excluded smartphones and other electronics from steep tariff.
The Nikkei average jumped 1.18 percent to 33,982.36 while the broader Topix index settled 0.88 percent higher at 2,488.51.
Nvidia supplier Advantest surged 4.9 percent, fellow chip-equipment maker Tokyo Electron added 1.4 percent and Screen Holdings rallied 3.9 percent.
Japan at the weekend said it wasn't planning to use its U.S. Treasury holdings as a negotiating tool to counter U.S. tariffs.
Seoul stocks rose sharply, with the Kospi average climbing 0.95 percent to 2,455.89 on eased tariff woes.
Parts maker LG Innotek Co., which gets the bulk of its revenue from Apple Inc., jumped 5.8 percent. Samsung Electronics and LG Energy Solution both rose around 2 percent.
Australian markets started the week on a buoyant note amidst tariff relief and positive commentary from a Federal Reserve official.
The benchmark S&P/ASX 200 rose 1.34 percent to 7,748.60, led by materials and energy stocks. The broader All Ordinaries index closed up 1.35 percent at 7,959.70.
Across the Tasman, New Zealand's benchmark S&P/NZX-50 index ended up 0.74 percent at 12,107.54.
U.S. stocks rose sharply on Friday after White House press secretary Karoline Leavitt said President Donald Trump is 'optimistic' about reaching a trade deal with China.
However, two senior White House officials told CNN that the U.S. will not reach out to China first and that Chinese President Xi Jinping must request a call with Trump.
Meanwhile, Boston Federal Reserve President Susan assured markets that the Fed is prepared to keep financial markets functioning should the need arise.
On the earnings front, JPMorgan Chase, Morgan Stanley and Wells Fargo all reported better-than-expected profits but warned of a potential economic slowdown due to trade disputes.
In economic news, data showed U.S. consumer sentiment plummeted in April, accompanied by a surge in 12-month inflation expectations to levels unseen since 1981.
The tech-heavy Nasdaq Composite rallied 2.1 percent, the S&P 500 surged 1.8 percent and the Dow added 1.6 percent.
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