Stocks jumped sharply on Wednesday after President Trump unexpectedly announced a 90-day pause on his “reciprocal” tariffs, with the S&P 500 climbing 9.5 percent by market close.
Wall Street reacted positively to the policy reversal, showing relief that President Trump would not immediately implement most of his planned tariffs, which had caused markets to plummet and threatened global trade. However, the tariff relief won’t apply to China, one of America’s largest trading partners. Instead, Trump said he would increase tariffs on Chinese exports to 125 percent after Beijing announced new retaliatory measures.
Read Also: Trump halts tariffs for 90 days