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
Dozens presumed dead in fire at Swiss Alps bar during New Year’s celebration
Dozens of people are presumed dead and about 100 injured, most of them seriously, following a fire at a Swiss Alps bar during a New Year's celebration, police said Thursday.
Warren Buffett officially retires as Berkshire Hathway’s CEO
The legendary 95-year-old investor spent decades building his company into one of the world's largest and most powerful. Now Greg Abel is taking it over.
Crypto soared in 2025 — and then crashed. Now what?
For most of 2025, cryptocurrencies such as bitcoin surged as President Trump vowed to make the U.S. a crypto leader. But now, a severe sell-off has shaken the sector.
Zohran Mamdani sworn in as New York City mayor, capping historic rise
Mayor Zohran Mamdani took the oath of office in New York City after midnight Thursday. The city's first Muslim mayor, a member of the Democratic Socialists of America, has promised to focus on affordability and fairness.
Rising from the ashes, a symbol of hope at the Rose Parade
Survivors of the Eaton and Palisades Fires find healing and community working on a Rose Parade float to honor the lives and communities lost in last year's wildfires.
The history behind the NYC subway station chosen for Mamdani’s swearing-in
The city shut down the station in 1945 on New Year's Eve. Eighty years later, it's a symbolic venue choice for the incoming mayor's private swearing-in ceremony.
