Most Asian stocks rose on Tuesday amid persistent hopes that U.S. President Donald Trump will grant more exemptions from his trade tariff plans, although gains were capped by uncertainty over more levies and a brewing trade war.

Singapore’s economy grew less than expected in the first quarter of 2025 amid weaker manufacturing and construction activity, while the country’s Monetary Authority eased policy slightly on Monday.

China’s exports likely picked up pace in March, as factories rushed out shipments ahead of U.S. President Donald Trump’s sweeping tariffs this month, though the broadening trade war with the United States has darkened the economic outlook. 

China’s economic growth could deteriorate sharply this year as the country engages in a bitter trade war with the United States, Barclays analysts said in a note, although Beijing is likely to increase its stimulus measures. 

Asian stocks rose sharply on Monday, with Hong Kong’s Hang Seng index up the most on gains in technology after U.S. authorities signaled that electronics would be temporarily exempt from steep trade tariffs on China. 

Oil prices edged higher on Monday after U.S. exclusions on some tariffs and Chinese data showing a sharp rebound in crude imports in March, but gains were capped by concerns that the trade war between the United States and China could weaken global economic growth and dent fuel demand.