Asian markets gain on Trump's reprieve in auto tariffs; Singapore's Straits Times lead

Asian markets taking into account easing tariff measures by US President Donald Trump gained in Tuesday's early trade. At the last count, the MSCI Asia ex Japan index traded higher by 0.52 per cent or 2.85 at 554.12.

The gains came following President Trump announcement of a potential pause in auto tariff offering relief to the market. President Donald Trump said Monday he is “looking at something to help some of the car companies” with the tariffs.

The President added that automakers needed time to shift production from Canada, Mexico and other places. “And they need a little bit of time because they’re going to make them here, but they need a little bit of time. So I’m talking about things like that," the President is quoted as saying in a AP report.

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Earlier, in a similar stance tariff pause was announced for consumer electronics.

Japan's Nikkei was up 0.9 per cent, while Singapore's Straits Times and Taiwan weighted index were up over 1 per cent. Meanwhile, South Korea's Kospi was also up 0.81 per cent.

Meanwhile, gains on Wall Street in the overnight session also cheered the sentiment. In the previous day's trade, Apple stock propelled the key S&P 500 index as the US administration exempted new trade tariffs on computers and smartphones.

Furthermore, other key indices including Nasdaq 100 and Dow Jones Industrial Average ended with gains of 0.64 per cent and 0.78 per cent, respectively.

Crude price

Oil prices in Asian trading went higher given President Donald Trump's potential pause on auto tariffs as well as a rebound in Chinese crude imports. Furthermore, markets were watching out for US- Iran talks for cues pertaining to the demand outlook.

WTI Crude was up 0.13 per cent at $61.61 per bbl, while the brent crude was trading higher by 0.09 per cent at $64.94 per bbl.