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S&P 500 soars 7% after Trump announces 90-day pause on tariffs, raises taxes on China
Apr 9, 2025 | 12:26 PM
Facing a global market meltdown, President Donald Trump on Wednesday abruptly backed down on his tariffs on most nations for 90 days but raised his tax rate on Chinese imports to 125 per cent.
The S&P 500 was up 7.8 per cent in afternoon trading. It had been down earlier in the morning amid worries about Trump’s trade war and whether it would cause a recession, as economists fear. But it spiked immediately after Trump sent the social media posting that investors have been waiting for. The Dow Jones Industrial Average was up 2,476 points, or 6.6 per cent, as of 1:35 p.m. Eastern time, and the Nasdaq composite was 9 per cent higher.
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