Asian stocks rally on hopes the US may roll back Chinese tariffs this week

Shares in Asia rose on Tuesday on speculation that the Biden team would roll back some of the tariffs imposed by the Trump administration on Chinese consumer goods.

Shares in Mainland China, Hong Kong, South Korea and Japan trading on a positive note.

As of 9.29 hrs. local time in Thailand, Hong Kong’s Hang Seng index gained 0.93%, with the Hang Seng Tech index rising 1.57% in early trading.

The Shanghai Composite in China was 0.24% higher, and the Nikkei 225 in Japan rose 0.96%, while South Korea’s Kospi climbed 1.83%.

In Australia, the S&P/ASX 200 was 0.37% higher.

According to Bloomberg, US president Joe Biden may soon ease Chinese tariffs, a choice filled with policy difficulties, as the White House seeks to reduce inflation while maintaining a harsh stance towards China.

The rollback of some China tariffs might be announced as soon as this week.

Biden is reported to be considering a reduction of tariffs on US$300 billion worth of Chinese imports imposed by Donald Trump. Inflation has been a major problem this year, driving up interest rates, slowing economic growth, and contributing to significant declines in both equities and fixed income.