Stock markets have soared to near-record gains after Donald Trump announced a pause on most of his sweeping global tariffs.
The president announced this decision in a Truth Social post on Wednesday afternoon, saying that a pause of 90 days would be implemented immediately.
“Based on the fact that more than 75 Countries have called Representatives of the United States, including the Departments of Commerce, Treasury, and the USTR, to negotiate a solution to the subjects being discussed relative to Trade, Trade Barriers, Tariffs, Currency Manipulation, and Non Monetary Tariffs, 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,” he wrote.
“Thank you for your attention to this matter!”
The major indices, including the Dow Jones, S&P 500 and the Nasdaq all rallied.
The Dow Jones Industrial Average was up over 5 percent, or nearly 2,000 points, the benchmark S&P 500 roared up over 6 percent, over 5,000 points and the the tech-heavy Nasdaq Composite rallied almost 10 percent, over 16,000 points.
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