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ADMINISTRATION CALLS OFF TARIFF POLICY FOR 90 DAYS, INCREASES CHINA'S BY 125%
Apr. 9, 2025
Associated Press reports:
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%.
The S&P 500 was up 7.8% 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%, as of 1:35 p.m. Eastern time, and the Nasdaq composite was 9% higher.
What to know:
Trump announces pause on Truth Social: Trump said that because so many countries had "not retaliated" against his latest crank higher in tariffs, he said, "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!"
To read the entire report click here.
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