Asian markets experienced gains as investors awaited further details on President Trump's proposed tariffs, including potential exemptions for certain countries. Japan's Nikkei increased by 0.35%, South Korea's KOSPI by 0.37%, and Hong Kong's Hang Seng by 0.8%. The U.S. dollar index saw a slight uptick of 0.07%.

U.S. President Donald Trump announced sweeping tariffs, including a 10% baseline on all imports and up to 54% on Chinese goods. China retaliated with a 34% tariff on U.S. imports and initiated export controls on rare earth elements. Global markets experienced significant volatility, with major indices dropping and fears of a recession mounting