Global stock markets brush aside new higher tariffs from Trump

Sentiment was also lifted by hopes of easing geopolitical tensions after the Kremlin said Trump and Russia's leader Vladimir Putin were set to meet for talks in the coming days

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Most stock markets climbed Thursday even as President Donald Trump's new tariffs on dozens of countries took effect, with investors eyeing exemptions from his threatened 100-percent levy on semiconductors.

Sentiment was also lifted by hopes of easing geopolitical tensions after the Kremlin said Trump and Russia's leader Vladimir Putin were set to meet for talks in the coming days.

Wall Street's main indices climbed as trading got underway, with the tech-heavy Nasdaq Composite rising 0.7 per cent.

"Once again, the bulls have prevailed, keeping US indices elevated near all-time highs," said City Index and FOREX.com analyst Fawad Razaqzada.

Tech stocks were lifted by chip-tariff exemptions for companies investing heavily in the United States or committed to do so.

"Donald Trump's latest tariff move was taken with a positive twist after the President confirmed a 100 per cent levy on imported semiconductors, but threw a lifeline to firms like Apple, saying US-based manufacturers would be exempt," said Razaqzada.

Shares in Apple climbed 2.6 per cent at the start of trading in New York, adding to a gain of more than five per cent on Wednesday.

Shares in Al chipmaker Nvidia rose 1.7 percent. Some Asian semiconductor firms also got a boost.

Taiwanese chip-making giant TSMC climbed five per cent as Taipei said it would be exempt from Trump's threatened levies on the sector.