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The S&P 500 jumped nearly 8% Wednesday following President Donald Trump’s announcement that a 90-day pause would be put on the proposed tariffs for non-retaliating countries. That does not include China, which will see a 125% tax rate increase on imported goods.
“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 in a post on Truth Social. “At some point, hopefully in the near future, China will realize that the days of ripping off the U.S.A., and other Countries, is no longer sustainable or acceptable. Conversely, and 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. Thank you for your attention to this matter!”
Many media and tech stocks rallied amid the announcement, which had increased as follows at the time of publication: Warner Bros. Discovery (+17%), Netflix (+6.5%), Disney (+10%), Paramount (+6%), Amazon (9.6%), Apple (+9.5%), Meta (+11%), Alphabet (+7.6%), Nvidia (+16%), Fox Corp. (+7.8%) and Microsoft (+8.64%).
The tech-heavy Nasdaq Composite soared 10%, closing in on its biggest one-day gain since 2008. Meanwhile, the Dow Jones Industrial Average was up more than 2,500 points, or more than 7%.
The boost comes after days of sharp drops for the U.S. stock market tied to fears that President Trump’s sweeping tariffs would lead to a massive trade war and subsequent economic recession.
On Friday the S&P 500 closed down 5.97% and the Dow Jones Industrial Average shed 2,231.07 points, down 5.5%, which were, at that time, both the biggest single-day declines since June 2020 during the COVID pandemic. The Nasdaq Composite dropped 5.8%, pushing the tech-centric index into bear-market territory as it has fallen more than 20% from a high in December 2024.
The Trump tariffs set a 10% baseline levy on imports from all countries, with higher rates for certain regions and countries including China (34%), South Korea (25%), Japan (24%), Taiwan (32%) and the European Union (20%). The 10% tariffs took effect April 5 and the higher duties were set to begin Wednesday.
