Asian stocks mostly rose on Tuesday, tracking Wall Street’s gains driven by easing concerns over Donald Trump’s planned tariffs and anticipation of key US inflation data.

Tech giants like Tesla and Nvidia fueled New York’s rally after signals from the White House suggested upcoming tariffs may be less severe than initially feared.

Trump labeled April 2 “Liberation Day,” planning reciprocal tariffs to counter what Washington considers unfair trade practices, though recent hints of exemptions lifted market sentiment.

Early trading saw gains in Tokyo, Sydney, Singapore, Taipei, and Wellington, while Shanghai and Manila declined.

Hong Kong’s Hang Seng fell over 1%, dragged down by Xiaomi’s nearly 5% drop after a $5.5 billion share sale to fund its electric vehicle expansion.

Seoul also dipped despite Hyundai’s 6% jump following news of a $21 billion US investment.

Investors await US personal consumption expenditure data, the Federal Reserve’s preferred inflation gauge, expected to reflect tariff-driven price increases.

Atlanta Fed chief Raphael Bostic suggested tariffs might lead to only one rate cut this year, citing inflation volatility.

Oil prices held Monday’s gains after Trump warned of steep tariffs on countries buying Venezuelan crude, potentially impacting China and India.

Key figures at 0230 GMT:

• Tokyo Nikkei 225: UP 0.7% at 37,881.70
• Hong Kong Hang Seng: DOWN 1.7% at 23,502.90
• Shanghai Composite: DOWN 0.1% at 3,367.17
• Euro/dollar: DOWN at $1.0799
• Pound/dollar: DOWN at $1.2917
• Dollar/yen: UP at 150.64 yen
• West Texas Intermediate: FLAT at $69.09 per barrel
• Brent North Sea Crude: FLAT at $72.37 per barrel
• New York Dow: UP 1.4% at 42,583.32 points
• London FTSE 100: DOWN 0.1% at 8,638.01