Chinese stocks in Hong Kong rallied after the US Supreme Court struck down President Donald Trump’s emergency tariffs, putting China among the countries set to face lower duties on shipments to the US.

The Hang Seng Index rose by 2.19%, the Hang Seng China Enterprises Index increased by 2.36%, the Hang Seng Tech Index climbed by 3.37%.

Lingbao Gold up 8%; China Gold up over 7%; SD Gold, Meituan up over 5%; Zijin Gold, Zijin Mining, JD up over 4%; Alibaba up 3%; Baidu, Xiaomi, Tencent up over 2%; MiniMax tumbles 14%.

China, India and Brazil are among the countries now seeing lower tariff rates on exports to the US after the court ruled Friday that Trump’s use of the International Emergency Economic Powers Act to impose duties was illegal. While Trump later announced plans for a 15% global rate, Morgan Stanley estimates that the average levies on goods from China will decline to 24% from 32%.

“Despite the risk of new tariffs, the court ruling takes the ‘worst-case’ tail risk off the table — it limits Trump’s ability to run very large, open-ended tariffs under emergency powers, so Hong Kong is getting a classic relief bid in beta and tech,” said Charu Chanana, a strategist at Saxo Markets.

Traders are also digesting early travel and spending data from the Lunar New Year holiday, with analysts pointing to resilient demand for leisure travel. Tourism-related shares advanced, with Trip.com Group Ltd. rising as much as 2.8% and Macau casino operator Galaxy Entertainment Group Ltd. climbing more than 3%. China Tourism Group Duty Free Corp. fell as much as 8.4% as its sales growth might have disappointed some investors, according to Morgan Stanley.

China’s onshore equity markets are set to reopen Tuesday after a week-long holiday. In Hong Kong, the Hang Seng Tech Index climbed as much as 3.9%, its biggest intraday gain in more than a month.