Earlier reports said tariffs will be targeted on roughly 15% of countries where there are trade imbalances and won't include sector-specific tariffs. That lifted market hopes that an all-out trade war could be avoided.

U.S. stocks posted significant gains after Donald Trump suggested he could exempt some nations from the reciprocal tariffs due to take effect next week. The S&P 500 rose 1.8 percent on Monday, the Dow Jones Industrial Average gained 1.