U.S. stocks soar after Trump pauses higher tariffs for 90 days except for China

U.S. stocks surged on Wednesday after President Trump announced a 90-day pause on the higher tariffs he had imposed on most countries, except for China.

Trump, in a social media post, said he would raise tariffs on China to 125% after the Asian economy had earlier in the day imposed a 84% retaliatory tariff on the U.S. The president added he would still continue to impose a 10% tariff on all other countries, despite pausing the higher reciprocal tariffs he had announced last week.

“Based on the lack of respect that China has shown to the World’s Markets, I am hereby raising the Tariff charged to China by the United States of America to 125%, effective immediately,” Trump wrote.

But he said more than 75 other countries had appealed to his administration to negotiate tariffs levied on them.

“I have authorized a 90 day PAUSE, and a substantially lowered Reciprocal Tariff during this period, of 10%, also effective immediately,” he added.

The Dow Jones Industrial Average soared over 2,000 points, or 6.1% on the news. The S&P surged over 7%, while the Nasdaq rallied over 9% as of early afternoon trading.

This breaking news story will be updated

 

Two children among dead in Russian drone attack on Kyiv, dozens injured

A mass Russian drone and missile attack on Ukraine's capital, including a rare strike in the center of the city, early Thursday killed at least 10 people and wounded 48.

Denmark summons US envoy over claims of interference in Greenland

Denmark's foreign minister summoned the top U.S. diplomat in the country for talks after the main national broadcaster reported that at least three people with connections to President Donald Trump have been carrying out covert influence operations in Greenland.

CDC director is out after less than a month; other agency leaders resign

"Susan Monarez is no longer director of the Centers for Disease Control and Prevention," the Department of Health and Human Services wrote in a social media post. Her lawyers said she had neither resigned nor been told she was fired.

Colleges see significant drop in international students as fall semester begins

Delays and increased screenings for visas mean that many students didn't make it to campus on time – and that has some big implications for the economy.

The latest COVID vaccines come with new FDA limits

The Food and Drug Administration approved the next round of COVID-19 vaccines, but is restricting them to people at high risk for COVID complications.

Brands are loving Taylor Swift’s engagement. Do they need to calm down?

Companies from Pillsbury to Invisalign to Olipop are cheering — and trying to cash in on — the couple's engagement. Experts spoke to NPR about how brands can strike a better balance.

More Front Page Coverage