(NewsNation) — Although markets opened mixed on Wednesday, stocks soared after President Donald Trump announced a 90-day pause on reciprocal tariffs, excluding China.
When the markets closed on Wednesday afternoon, The Dow Jones Industrial Average was up by almost 3,000 points, or 7.87%; the Nasdaq Composite was up a little more than 12%; and the S&P 500 was up 9.52%. That’s the S&P 500’s third-best day since World War II.
The update followed four straight days of major losses after Trump put “Liberation Day” into place tariffs. Roughly 60 countries were originally singled out for reciprocal tariffs, most of which are set at half the levies those countries had placed on U.S. goods.
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Now, though, the tariffs will be at 10%, except for China. Taxes on imported goods from China will be raised by 125%, Trump said Wednesday on Truth Social.
In stock markets abroad, indexes tumbled across most of Europe and much of Asia after they closed before Trump’s announcement.
London’s FTSE 100 dropped 2.9%, Tokyo’s Nikkei 225 sank 3.9% and the CAC 40 fell 3.3% in Paris. Chinese stocks were an outlier, and indexes rose 0.7% in Hong Kong and 1.3% in Shanghai.
The Associated Press contributed to this report.
