Japan's Honda stock jumped more than 11%, while Toyota surged over 15%. Shares of South Korean carmaker Hyundai and Kia also rose on the announcement. Shares of Japanese automakers surged after Japanese Prime Minister Shigeru Ishiba said that U.S. auto tariffs were lowered to 15% from the current 25%, Reuters reported.

U.S. automakers are concerned about President Donald Trump's agreement to tariff Japanese vehicles at 15%, saying they will face steeper import taxes on steel, aluminum and parts than their competitors.

Chinese electric vehicle (EV) maker NIO (NYSE:NIO) surged nearly 11% after unveiling its Onvo L90, a three-row electric SUV designed to compete with Tesla’s (NASDAQ:TSLA) Model Y, signaling its push into the mass-market EV segment.