Shares rose early Tuesday in Asia after U.S. stock indexes drifted closer to records, while oil prices extended gains.

Beijing and Washington dialed back trade friction as the U.S. extended exemptions for tariffs on some Chinese goods, including solar manufacturing equipment, that U.S. industries rely on for their own production.

The U.S. Trade Representative extended those exemptions, which were due to expire on May 31, by three months through Aug. 31.

Still, China criticized the U.S. on Monday over moves it alleged harmed Chinese interests, including issuing AI chip export control guidelines, stopping the sale of chip design software to China, and planning to revoke Chinese student visas.

Hong Kong's Hang Seng gained 1.1% to 23,417.39, while the Shanghai Composite index added 0.3% to 3,356.36.

In Tokyo, the Nikkei 225 advanced 0.6% to 37,683.19.

South Korean markets were closed for a snap presidential election triggered by the ouster of Yoon Suk Yeol , a conservative who now faces an explosive trial on rebellion charges over his short-lived imposition of martial law in December.

Australia's S&P/ASX 200 was up 0.7% to 8,475.50.

In Taiwan, the Taiex gained 1.4%.

On Monday, U.S. stock indexes drifted closer to their records following a stellar May , Wall Street’s best month since 2023.

The S&P 500 rose 0.4% to 5,935.94 after erasing an early loss from the morning. The Dow Jones Industrial Average added 0.1% to 42,305.48. The Nasdaq composite climbed 0.7% to 19,242.61.

Indexes had fallen close to 1% in the morning following some discouraging updates on U.S. manufacturing. President Donald Trump has been warning that U.S. businesses and households could feel some pain as he tries to use tariffs to bring more manufacturing jobs back to the country, and their on-and-off rollout has created lots of uncertainty.

But stocks rallied back as the day progressed. Nvidia climbed 1.7%, and Meta Platforms rose 3.6%, for example.

Oil prices have gained as attacks by Ukraine in Russia raise uncertainty about the flow of oil and gas around the world.

Early Tuesday, U.S. benchmark crude oil was up 62 cents at $63.14 per barrel. Brent crude, the international standard, picked up 57 cents to $65.19 per barrel.

Markets took in stride fresh salvos between the world’s two largest economies, just a few weeks after the United States and China had agreed to pause many of their tariffs that had threatened to drag the economy into a recession.

That followed President Donald Trump’s accusation at the end of last week, where he said China was not living up to its end of the agreement that paused their tariffs against each other.