Asian markets saw modest gains on Tuesday after U.S. President Donald Trump postponed a planned increase in tariffs on Chinese goods by three months. The move temporarily eased trade tensions but left investors cautious, watching closely for the next steps in talks between Washington and Beijing.

Japan Hits Record Highs

Japan’s Nikkei 225 surged 2.6% to 42,942.14 points, setting a new all-time high. Leading the gains was Toyota Motor Corp., up 3.3%. In contrast, Hong Kong’s Hang Seng slipped 0.2% to 24,865.07 points, while China’s Shanghai Composite Index rose 0.3% to 3,658.62 points.

The rally followed Trump’s executive order on Monday, which halted a looming escalation in the trade war and created space for renewed negotiations. Without the delay, tariffs on Chinese imports could have risen from the already steep 30%. Beijing indicated it would also postpone its planned tariff hikes on U.S. goods.

“This isn’t about goodwill; it’s about keeping oxygen in the room for key deals to be made,” said Stephen Innes of SPI Asset Management.

Mixed Performance Across the Region

Australia’s S&P/ASX 200 edged up just 0.1% to 8,852.80, while South Korea’s Kospi added 0.6% to 3,227.10.

Wall Street Waits for Inflation Data

On Monday, U.S. stocks ended slightly lower as investors awaited July’s Consumer Price Index (CPI) data, due Tuesday. Economists expect a 2.8% year-over-year increase, up from June’s 2.7%.

The S&P 500 fell 0.3% to 6,373.45, the Dow Jones dropped 0.5% to 43,975.09, and the Nasdaq lost 0.3% to 21,385.40.

Dollar Holds Firm

In currency markets, the dollar remained near recent highs – the U.S. dollar index stood at 98.497 after a two-day gain of 0.5%. It rose 0.1% to 148.28 yen and hovered around 1.1615 against the euro.

Traders greeted the tariff delay calmly, as the three-month extension had been widely anticipated. Meanwhile, reports emerged that chipmakers Nvidia and AMD had agreed to allocate 15% of China-related sales revenue to the U.S. government in exchange for export licenses for certain semiconductors. The move underscores how trade and technology policy remain closely intertwined despite the current truce.

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