Asia-Pacific markets set for higher open as investors assess Trump tariffs

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A view of the city skyline of Lujiazui Shanghai Center in Pudong, Shanghai, China, on March 13, 2024.

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Asia-Pacific markets were set to open higher Tuesday, tracking gains on Wall Street that appeared to look past U.S. President Donald Trump's tariff campaign.

Trump on Monday signed an order imposing 25% tariffs on imports of steel and aluminum into the U.S.

Australia's S&P/ASX 200 traded 0.24% higher.

Hong Kong's Hang Seng index futures were at 21,576, slightly stronger than the HSI's last close of 21,521.98.

Japan markets were closed for a holiday.

Investors will also be keeping an eye on Singapore markets after the benchmark Straits Times Index hit an all-time intraday high of 3,910.12 on Monday.

Overnight in the U.S., the three major averages closed higher as major tech names outperformed. The Dow Jones Industrial Average added 167.01 points, or 0.38%, led by a 4.8% gain in McDonald's. The 30-stock index closed at 44,470.41. The S&P 500 gained 0.67% to end at 6,066.44, and the Nasdaq Composite climbed 0.98% to 19,714.27.

Federal Reserve Chair Jerome Powell is also slated speak before Congress later in the day.

—CNBC's Pia Singh and Brian Evans contributed to this report.

Major U.S. indexes end the day higher

China internet stocks rise

The KraneShares CSI China Internet ETF jumped 3% Monday after China's retaliatory tariffs on U.S. goods, including crude oil, natural gas and agricultural machinery, took effect.