Asian stocks today: Markets trade in green after US SC's blow to Trump's tariffs; HSI jumps over 2%

Asian markets inched higher on Monday after the US Supreme Court invalidated a major part of President Donald Trump’s tariff framework, a policy that had shaken the global economy since last year.

Hong Kong's HSI climbed more than 2% or 579 points reaching 26,992 with ecommerce heavyweights Alibaba and JD.com each jumping over three percent. Seoul also scaled a fresh record high to 5,816, buoyed by strong gains in chipmakers Samsung Electronics and SK hynix.Markets in Singapore, Wellington, Taipei and Manila also ended in positive territory, while Sydney slipped. Meanwhile, trading in Tokyo and Shanghai was shut due to holidays.The gains across the region were driven primarily by technology stocks. These companies have powered much of Asia’s market strength this year as investors increasingly shift funds away from Wall Street in search of relatively cheaper valuations. Trump’s trade strategy suffered a significant legal setback on Friday when the nation’s highest court ruled that the International Emergency Economic Powers Act, which the White House relied on in April to introduce broad tariffs, “does not authorise the president to impose tariffs”.

In response, the president pledged to introduce a fresh global tariff of 10% using another legal route, which by Saturday, he had increased to 15%. The latest developments have injected a new layer of uncertainty into the trade outlook. There are now also demands for authorities to return funds collected under the earlier tariff scheme, while analysts caution that the administration could still look for alternative mechanisms to enforce duties.The court’s decision has also affected the outlook for trade agreements negotiated by Washington. Even so, investors in Asia largely welcomed the ruling, which is widely viewed as supportive for China and India. Technology counters emerged as the biggest winners.In currency markets, the dollar came under pressure, falling sharply against the yen, pound and euro. Meanwhile, oil prices declined by more than one percent on optimism surrounding a potential Iran nuclear deal.