Asian Markets Shine Amid Trump Import Tariff Uncertainty, South Korea's Kospi Hits Record High

Asia-Pacific stock markets rose at the opening of trade on Monday, 23 February 2026. The gains came amid uncertainty over the direction of United States import tariff policy, which has kept markets moving dynamically.

Over the weekend, US President Donald Trump announced an increase in the global tariff rate to 15 per cent from the previous 10 per cent. The policy emerged shortly after the US Supreme Court struck down most of Trump’s trade agenda that had been implemented under the International Emergency Economic Powers Act (IEEPA) of 1977.

Rystad Energy Chief Economist Claudio Galimberti assessed that the ruling had indeed narrowed Trump’s room for manoeuvre. He noted that if the highest tariff ceiling were imposed without the previous IEEPA exemptions, the average tariff rate could actually rise higher than the structure just overturned by the Supreme Court.

“The Supreme Court ruling did strike down the majority of existing tariffs and weakened the ability to target specific countries, but it did not dismantle the broader tariff framework,” he wrote in a note cited by CNBC International on Monday, 23 February 2026.

Across Asia, major indices moved into positive territory. South Korea’s Kospi index rose for a third consecutive day, surging 1.7 per cent to hit a new all-time high.

The rally was driven by large-cap stocks such as SK Hynix and Samsung Electronics, which jumped more than 3 per cent and 2 per cent respectively. Meanwhile, the small-cap Kosdaq index also gained 0.74 per cent.

In Australia, the S&P/ASX 200 index edged up 0.17 per cent at the start of trading. Hang Seng Index futures pointed to a jump to the 26,855 level, up from 26,413.35.

Markets in China and Japan were closed for national holidays.

At the close of trade on Friday, 20 February 2026, US stock markets also rose following the Supreme Court ruling. Investors judged that the decision could reduce the cost burden on companies from high tariffs whilst easing inflation concerns still hanging over the US economy.

The S&P 500 rose 0.69 per cent to 6,909.51. The Nasdaq Composite gained 0.9 per cent to 22,886.07.

The Dow Jones Industrial Average added 230.81 points, or 0.47 per cent, to 49,625.97. The Dow had earlier fallen as much as 200 points on disappointing economic data before staging a reversal.