Asian shares are mostly higher, tracking a rebound on Wall Street after President Donald Trump pulled back on some of his tariffs.

Investors had bet strongly that Trump's agenda to lower taxes and usher in deregulation would support risk assets in a similar way to his first term when he frequently touted the stock market's performance.

U.S. stocks climbed after President Donald Trump pulled back on some of his tariffs, raising hopes he may avoid a worst-case trade war that grinds down economies and sends inflation higher.