Stock indexes skyrocketed Wednesday within minutes of President Trump announcing a pause on tariffs just hours after they took effect—with one big exception. In a Truth Social post, Trump said he was raising the tariff "charged to China" to 125%, effective immediately. Earlier Wednesday, China had responded to Trump's elevated tariffs by upping tariffs on US goods to 84%. But Trump continued:
- "Conversely, and based on the fact that more than 75 Countries have called Representatives of the United States" to initiate negotiations, 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," Trump wrote.
Soon after Trump's announcement, the S&P 500 erased a loss of 0.7% and surged more than 6%. The Dow Jones Industrial Average soared more than 2,000 points, or 5%, the AP reports, and the Nasdaq composite jumped more than 8%. In his Truth Social post, Trump said he was raising the tariff on imports from China from 104% to 125% based on the "lack of respect" the country has shown to the world's markets. "At some point, hopefully in the near future, China will realize that the days of ripping off the U.S.A., and other Countries, is no longer sustainable or acceptable," he wrote. (More tariffs stories.)
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