Stocks surged on Wednesday afternoon, ripping higher after President Trump said he would back down on tariffs for most of the world for the next 90 days, citing new talks with foreign nations.
The S&P 500 climbed over 7 percent in a matter of minutes after Mr. Trump posted the news on Truth Social, sharply reversing days of losses. But Mr. Trump said his break did not include China, announcing he would instead raise tariffs on its exports to 125 percent after Beijing announced a new round of retaliation.
Markets have been uprooted by President Trump’s announcement of across-the-board tariffs on dozens of countries. Those took effect on Wednesday, with taxes on imports from China in exceeding 100 percent. Beijing added its own 50 percent levy on American goods in response, bringing the total tariff on U.S. exports to China to 84 percent.
Countries in the European Union had also earlier voted in favor of the commission’s proposed retaliatory measures on Wednesday, which would come into force on April 15.
Even after the S&P 500’s sharp rise, the index remains roughly 12 percent below its recent high in February.
Eshe Nelson is a reporter based in London, covering economics and business news for The New York Times.
Joe Rennison writes about financial markets, a beat that ranges from chronicling the vagaries of the stock market to explaining the often-inscrutable trading decisions of Wall Street insiders.
River Akira Davis covers Japan, including its economy and businesses, and is based in Tokyo.
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