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
‘Helping every dang soul’: Beloved camp director was among those lost in Texas flooding
Jane Ragsdale ran the Heart O' the Hills camp for girls in Kerr County. The camp was between sessions when the deluge hit. The only person killed there was Ragsdale.
Federal judge orders stop to indiscriminate immigration raids in Los Angeles
Civil rights groups alleged that ICE and Border Patrol agents are rounding people up based on their race, and denying them access to lawyers. A federal judge said there's evidence what they're doing is illegal.
David Gergen, adviser to 4 presidents, dies at 83
David Gergen worked in the administrations of Presidents Richard Nixon, Gerald Ford, Ronald Reagan and Bill Clinton as a speechwriter, communications director and counselor to the president, among other roles.
Preliminary report says fuel switches were cut off before Air India Boeing 787 crash
Indian investigators determined the Boeing 787 Dreamliner was properly configured and lifted off normally. But three seconds after takeoff, the engines' fuel switches were cut off.
2 years ago, Amanda Anisimova put down her racket. Now she’s in the Wimbledon final
Anisimova was a teenage tennis prodigy. But by 2023, tournaments had become "unbearable" for her mental health, and she stepped away. Now, she is a win away from her first Grand Slam title.
Guantánamo plea deals for accused 9/11 plotters are canceled by federal appeals court
A federal appeals court has canceled plea deals with three men accused of orchestrating the 9/11 attacks, deepening the legal morass surrounding the long-stalled case.
