Asia markets set to climb

Asia-Pacific markets were set to climb Tuesday after Donald Trump paused tariffs on Mexico for a month, while Canada also said the U.S. president had put on hold proposed tariffs on its exports.

Japan’s benchmark Nikkei 225 was set to open higher, with the futures contract in Chicago at 39,280 while its counterpart in Osaka last traded at 39,250, against the index’s last close of 38,520.09.

Futures for Hong Kong’s Hang Seng index stood at 20,495 also pointing to a stronger open compared to the HSI’s close of 20,217.26.

Over in Australia, the S&P/ASX 200 started the day up 0.72%, after ending lower in the previous session.

Chinese markets remain closed for the Lunar New Year holiday.

Overnight in the U.S., stocks traded down following Trump’s decision to pause on the tariffs.

The Dow Jones Industrial Average recovered from steep losses during. The 30-stock index was down 122.75 points, or 0.28%, to close at 44,421.91. At its lows of the day, the Dow was down 665.6 points, or 1.5%.

The S&P 500 slid 0.76% to 5,994.57, while the Nasdaq Composite slumped 1.2% to 19,391.96.

— CNBC’s Sean Conlon and Pia Singh contributed to this report.