Importance Score: 55 / 100 🔵
President Donald Trump on Wednesday said he will delay tariffs for 90 days for countries that did not launch a reciprocal tariff against the US.
He also increased tariffs on Chinese imports to 125 percent, citing China’s ‘lack of respect for global markets.
Trump attributed his decision to pause the tariffs to the fact that ‘more than 75 countries’ have reached out to the White House to negotiate solutions to the trade issues he raised with the new duties.
The S&P’s surge is the most for an intraday move since April 6, 2020. Soon after the news broke just before 1.30pm, the S&P 500 extended its urge to 7.3 percent and the , Nasdaq 100 soared 9 percent.
Nvidia shares jumped 12 percent, the most since July, while Apple shares rose 13 percent, the largest move in over 5 years since March 2020.
Trump posted on his Truth Social site: ‘Based on the fact that more than 75 Countries have called Representatives of the United States, including the Departments of Commerce, Treasury, and the USTR, to negotiate a solution…and that these Countries have not, at my strong suggestion, retaliated in any way, shape, or form against the United States, I have authorized a 90 day PAUSE, and a substantially lowered Reciprocal Tariff during this period, of 10%, also effective immediately.’
But Trump started the post by slapping more levies on China. “Based on the lack of respect that China has shown to the World’s Markets, I am hereby raising the Tariff charged to China by the United States of America to 125%, effective immediately,” he wrote.
This is breaking news. Please check back for updates.