9th Apr 2025 19:04
(Alliance News) - US stock markets soared on Wednesday after President Donald Trump announced a 90-day tariff pause on all countries except China.
Shortly after Trump announced his latest pivot on his Truth Social platform, the S&P 500 surged 8.2% higher, the Dow Jones Industrial Average climbed 7.0% and the Nasdaq Composite jumped 10%.
Treasury Secretary Scott Bessent said that everybody who hasn’t retaliated to the initial tariff announcement goes down to a 10% universal baseline tariff.
Bessent said he spoke with the president on Sunday, and Trump told him this was his plan all along.
Speaking at the White House, Bessent said the president had created maximum leverage for himself through the tariff imposition and would now negotiate with those who want to "negotiate in good faith".
More than 75 countries have contacted the administration seeking trade talks, Bessent said, and he imagines that will grow after today's announcement.
Tariffs on China have been increased to 125%.
Bessent called China's escalation of the trade war an "own goal," and said that China had shown themselves to be "bad actors".
The Treasury chief said that Trump himself will be directly involved in the negotiations, which suggests there's a need for a 90-day pause as there is going to be a lot of talks ahead.
Press Secretary Karoline Leavitt said the President is playing the long game and doing what is right for the US people.
By Jeremy Cutler, Alliance News reporter
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