Blog Details
25 Sep 2025
Stocks soar as Trump backtracks on some tariffs
Facing a global market meltdown, US President Donald Trump on Wednesday abruptly backed down on his tariffs on most nations for 90 days – while also raising his tax rate on Chinese imports to 125 percent, effective immediately. Read our liveblog to see how all the day's events unfolded.
Summary
- US President Donald Trump announced a 90-day pause on his sweeping tariffs Wednesday, giving all countries a 10 percent baseline except China, which will see even higher levies.
- Stocks on Wall Street surged after Trump's abrupt U-turn on tariffs, with the S&P 500 Index closing up 9.5% and Nasdaq jumping 12.1%.
- China and the European Union had earlier announced extra duties on US imports in retaliation against Trump's "reciprocal" tariffs.
