U.S. stock futures increased on Sunday night after the Trump administration announced that certain tech products will face a much lower tariff than the massive levy he has imposed on Chinese imports.
Dow futures were up 0.3%, or 123 points, while S&P 500 and Nasdaq futures saw even bigger gains of 0.7% and 1.06%, respectively, as of 9:50 p.m. Asian markets also saw a jump at market open, with Japan‘s Nikkei 225 index rising 1.27% and South Korea’s Kospi index rising 0.84%.
The positive market gains follow a chaotic week of tariffs that included President Donald Trump pausing his sweeping tariffs that he deemed reciprocal, while increasing his tariff on China even more to 145%.
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Shortly before the weekend, Customs and Border Protection announced that some consumer tech products, the vast majority of which are made in China, would be exempt from the Trump tariffs.
Trump and other figures of his administration including Commerce Secretary Howard Lutnick later clarified that there are no exemptions on the new tariffs. Rather, those tech products — which include smartphones, various electronic parts, and computer monitors — are subject to the 20% tariff on China related to fentanyl.
