President Donald Trump said Wednesday he authorized a 90-day pause on sweeping tariffs he recently announced against global trading partners, sending the stock market surging after it tumbled for several days in the face of Trump’s trade war.
Trump announced the pause Wednesday afternoon. (Photo by BRENDAN SMIALOWSKI/AFP via Getty Images) ... More
Trump said in a post he authorized a 90-day pause on tariffs and a “substantially lowered reciprocal tariff during this period, of 10%, also effective immediately.”
The 10% baseline rate will apply to all countries including Mexico and Canada and exclude China, which Trump accused of showing a “lack of respect” to world markets.
Trump said the tariff pause was done because over 75 countries reached out to the U.S. to negotiate and did not retaliate in response to reciprocal tariffs announced last week.
The Nasdaq Composite surged over 10% following Trump’s announcement, while the S&P 500 and Dow Jones Industrial Average surged 8% and 7%, respectively, recovering from a slide in points experienced Monday and Tuesday.
The major indexes are still down significantly from where they stood before Trump’s reciprocal tariffs announcement last week.
This is a developing story. Check back for updates.