Asia-Pacific stocks mostly higher on Tuesday, tracking overnight gains on Wall Street, where investor sentiment was lifted by President Donald Trump’s decision to exempt key electronic products from new reciprocal tariffs. However, optimism was tempered by news that the US Commerce Department has launched a national security investigation into semiconductor and pharmaceutical imports, given their strong dependence on Asian, mainly Chinese, supply chains, , keeping global markets on alert. Japan ( NKY:IND ) rose 0.88% to above 34,300 while the broader Topix Index added 1.2% to 2,518 on Tuesday, extending gains from the previous session. The Japanese yen slipped past 143 per dollar on Tuesday, retreating from recent highs. Investors are also closely monitoring upcoming trade negotiations between Washington and Tokyo. Japan’s chief trade negotiator, Akazawa Ryosei, is set to meet with US Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer later this week. China ( SHCOMP ) fell 0.23% to around 3,250 while the Shenzhen Component lost 0.7% to 9,815 on Tuesday, with mainland stocks snapping a five-day rally amid persistent concerns about an escalating Sino-US trade war, and the offshore yuan held its recent decline around 7.32 per dollar, reflecting persistent market concerns over rising US-China trade tensions. Investor sentiment took a hit as Chinese President Xi Jinping warned that "no one wins in a trade war" during the start of his diplomatic tour of Southeast Asia, underscoring Beijing’s cautious stance amid rising geopolitical friction. Markets are also assessing the impact of Trump’s reciprocal tariffs on China’s online selling platforms, including PDD’s Temu and Alibaba’s Taobao and TMall. Investors also looked ahead to key Chinese economic data due later this week, including Q1 GDP, industrial production, retail sales, and the jobless rate. Hong Kong ( HSI ) rose 0.14% were little changed in early trade on Tuesday, hovering near 21,420, as gains in property and consumer stocks were offset by losses in tech and financials. Australia ( AS51 ) rose 0.49% to above 7,760 on Tuesday, extending gains from the previous session as firmer underlying prices lifted commodity stocks on the resource-heavy bourse. The Australian dollar climbed toward $0.635 on Tuesday, marking its fifth consecutive session of gains. RBA's April meeting minutes showed the board kept rates steady at 4.35% in line with expectations, after a 25 basis point cut earlier this year. Meanwhile, financial conditions were seen as somewhat restrictive, and the economic outlook was broadly in line with earlier forecasts. In the U.S., on Monday, all three major indexes ended higher after a volatile week, as investors welcomed temporary tariff exemptions, including smartphones, computers, and semiconductors, from the newly imposed reciprocal tariffs. President Trump is also reportedly considering pausing his 25% auto tariffs to give carmakers time to adjust their supply chains. U.S. stock futures edged lower on Tuesday as investors awaited earnings results from major firms, including Johnson & Johnson, Bank of America, Citigroup, Interactive Brokers, and PNC Financial: Dow -0.09% ; S&P 500 -0.14% ; Nasdaq -0.16% . Gold rose above $3,220 on Tuesday as uncertainty over President Donald Trump’s tariff plans continued to drive safe-haven demand. Currencies: ( JPY:USD ), ( CNY:USD ), ( AUD:USD ), ( INR:USD ), ( HKD:USD ), ( NZD:USD ). More on Asia: RBA minutes reveal cautious approach to future interest rate moves China's March trade surplus above estimates, exports surge while imports fall Trump intensifies tariff pressure: "No one off the hook," denies tariff rollbacks Trump says his administration will look at 'whole electronics supply chain' Japan's industrial output growth revised lower to 2.3% in February
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