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Stocks surged to one of their biggest gains since World War II after President Donald Trump paused his tariffs against most other nations, as investors had desperately hoped he would. Trump, though, did raise tariffs further on China.
The S&P 500 soared 9.5%, though the index is still below where it was when Trump announced his sweeping set of tariffs last week. The Dow Jones Industrial Average flew nearly 3,000 points higher, and the Nasdaq composite jumped 12.2%.
What to know:
- Trump will keep 10% import tariffs: Treasury Secretary Scott Bessent told reporters that Trump was pausing his so-called ‘reciprocal’ tariffs on most of the country’s biggest trading partners, but maintaining his 10% tariff on nearly all global imports. This was the baseline rate for most nations that went into effect on Saturday. It’s meaningfully lower than the 20% tariff that Trump had set for goods from the European Union, 24% on imports from Japan and 25% on products from South Korea.
- China remains an exception: Trump said tariffs will go up to 125% against China’s products. That raises the possibility of more swings ahead that could stun financial markets.
- Global markets react: In stock markets abroad, indexes tumbled across most of Europe and much of Asia after they closed before Trump’s announcement. London’s FTSE 100 dropped 2.9%, Tokyo’s Nikkei 225 sank 3.9% and the CAC 40 fell 3.3% in Paris. Chinese stocks were an outlier, and indexes rose 0.7% in Hong Kong and 1.3% in Shanghai.
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