Asian markets are rebounding after President Trump announced a 90-day ‘pause’ in the implementation of the ‘Liberation Day’ tariffs that had sent shock waves through the financial community. Most dizzying perhaps were events in Japan, where after a vertiginous plunge on Monday, the Nikkei surged over 8.5 per cent on this morning’s trading. Japan’s iconic companies had a good day: Toyota was up 6 per cent, Sony 12 per cent and Mitsubishi 10 per cent. Elsewhere in Asia, the South Korean KOSPI rose 6 per cent, the Hang Sang climbed 2.69 per cent, the Singapore Composite Index 1.29 per cent and Taiwan’s stock exchange was up over 9 per cent.
It is worth noting, amidst the audible sighs of relief, that the suspension applies only to the ‘reciprocal tariffs’ (in Japan’s case 24 per cent, in South Korea 25 per cent) and that the 10 per cent base line which came into effect on Saturday remains.
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