Global stock markets experienced a rally, particularly in Asia, following reports that President-elect Donald Trump's economic team is considering a gradual approach to raising tariffs. This news led to a decline in the US dollar against nearly all major currencies, with the Australian and New Zealand dollars showing notable gains. Chinese equities were among the leaders in the surge, buoyed by the sentiment surrounding the potential tariff strategy. The dollar's drop was accompanied by a decrease in US Treasury yields, reflecting investor reactions to the anticipated economic policy changes under Trump's administration.