HONG KONG - Asian stocks mostly rose and the dollar fell on Monday after the US Supreme Court struck down a large part of President Donald Trump's tariffs policy that had sent shockwaves through the global economy last year.
The rally was led by tech firms, which have been at the forefront of regional gains this year as traders turn away from Wall Street to seek out cheaper investments amid concerns about extended valuations.
Trump's trade agenda was dealt a hefty blow Friday when the country's top court ruled that the International Emergency Economic Powers Act used by the White House to impose sweeping levies in April "does not authorise the president to impose tariffs".
A furious president immediately vowed to impose a global tariff of 10 percent under a separate authority, before raising it to 15 percent on Saturday.
However, the development fanned a fresh round of uncertainty, with calls growing for the government to repay cash taken under the scheme and analysts warning officials would likely pursue other ways of imposing his tolls.
The decision also raised questions about trade deals Washington has signed.
European leaders had been due to approve the EU-US deal on Tuesday but the head of the European Parliament's trade committee said he would call Monday for putting "legislative work on hold until we have a proper legal assessment and clear commitments from the US side".
And Bloomberg reported that Indian trade officials will postpone a trip to the United States aimed at finalising their interim agreement.
Still, Asian investors welcomed the news, which is seen as benefiting China and India, with tech firms the best performers.
Hong Kong rose more than two percent, with ecommerce titans Alibaba and JD.com surging more than three percent, while Seoul hit another record high thanks to big advances for chipmakers Samsung Electronics and SK hynix.
Singapore, Wellington, Taipei and Manila also rose, though Sydney dipped. Tokyo and Shanghai were closed for holidays.
The strong start to the week followed gains on Wall Street, where the tariff ruling overshadowed data showing the US economy grew much slower than expected in the fourth quarter of 2025, when it was hit by the extended government shutdown.