Stock markets jump after Trump announces 90-day pause on many tariffs
WASHINGTON ( WEB NEWS )
The financial markets jumped Wednesday after President Donald Trump announced that he was pausing and lowering tariffs on goods from most nations for 90 days while simultaneously raising tariffs on imports from China to 125 percent. Earlier Wednesday, Trump urged Americans to remain calm as his sweeping plan on imports took effect. In a social media post, Trump said people should “BE COOL.” Both China and the European Union retaliated Wednesday. The E.U. approved levies of as much as 25 percent on a broad list of U.S. products, according to a copy of the E.U. plan seen by The Washington Post. Earlier, China imposed an 84 percent duty on all U.S. goods.
The president’s reversal sent shockwaves through Washington. In a post on Truth Social, Trump said the 90-day pause was “written from our hearts.” Wall Street responded with a euphoric rally: the S&P 500 surged 9.5%, and the Dow Jones leapt nearly 3,000 points. But underneath the celebration was a grim truth—businesses and governments remain rattled by Trump’s whiplash policymaking.
A U-turn born of panic, not planning
Though the White House framed the retreat as a clever tactic to bring nations to the table, Trump admitted the shift wasn’t carefully crafted. “Just instinctively,” he told reporters. “You almost can’t take a pencil to paper. It’s really more of an instinct.”
ReutersU.S. President Donald Trump looks on, as he signs executi ..