S'pore, Asia stocks rise amid uncertainty over Trump's 15% global tariffs

The Singapore stock market appeared largely unruffled by President Donald Trump's announcement that he would impose new global levies of 15 per cent after the US Supreme Court on Feb 20 struck down his Liberation Day tariffs.

- Sue-Ann Tan Business Correspondent

The Straits Times Index was up 0.3 per cent to 5,032.41 at the midday trading break, after briefly dipping below its previous close soon after the stock market opened. It closed at 5,041.33 on Feb 23, marking an increase of over 23 points, or 0.5 per cent.

Around the region, Hong Kong's Hang Seng Index rallied 2.5 per cent, driven by Chinese stocks, with China one of those hardest hit by the Liberation Day tariffs among countries that expect to see duties coming down on shipments to the US.

Financial markets in China and Japan were closed for public holidays.

South Korea's Kospi index gained 0.65 per cent, while India's Nifty 50 added 0.55 per cent, and Malaysia's KLCI index rose 0.3 per cent.

On the other hand, Australia's S&P/ASX 200 was down 0.6 per cent as investors sought muchneeded clarity after the flurry of tariff announcements.

The US Supreme Court ruled on Feb 20 that the US President did not have the power to impose his tariffs under a law intended for use in national emergencies. Mr Trump had used the Act to announce the sweeping global tariffs in April 2025, ranging from 10 per cent to 50 per cent on goods coming into the United States.

In response, Mr Trump immediately announced a 10 per cent global tariff on US imports from all countries for 150 days, using another trade Act. Just a day later, he said he would raise that temporary tariff to 15 per cent, the maximum allowed under the Act.