In a surprise move, U.S. President Donald Trump announced a 90-day delay on tariffs for several countries, sparking a massive rally on Wall Street.
In a post on Truth Social on April 9, Trump said:
“Given that over 75 countries have reached out to negotiate and have not retaliated against the U.S., I am announcing a 90-day pause on tariffs. During this period, reciprocal tariffs will be reduced to 10%.”
He added that the decision takes effect immediately.
However, Trump also dropped a bombshell in the same post: the U.S. will raise tariffs on Chinese imports to a staggering 125%, in response to Beijing’s retaliatory move of imposing 84% tariffs on American goods.
The market reacted swiftly and positively.
The Dow Jones Industrial Average surged 2,544 points, or 6.8%, marking its biggest one-day gain since 2020.
The S&P 500 jumped 7.8%, while the Nasdaq Composite skyrocketed by nearly 10%.
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Source: Vietnam Insider