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US markets shot up like a rocket on Wednesday after US President Donald Trump issued a 90-day pause on the implementation of higher tariffs, meaning a “universal 10%” levy will be in place for most countries.
But the US president hit China with even higher tariffs of 125% due to “their insistence on escalation”, according to the Trump administration.
The S&P 500 index soared 9.5% in the biggest one-day rally since 2008, following days of turmoil sparked by the tariffs.
The BBC’s North America Business Correspondent Michelle Fleury explains Wednesday’s US market shifts from Wall Street.
US markets shot up like a rocket on Wednesday after US President Donald Trump issued a 90-day pause on the implementation of higher tariffs, meaning a “universal 10%” levy will be in place for most countries.
But the US president hit China with even higher tariffs of 125% due to “their insistence on escalation”, according to the Trump administration.
The S&P 500 index soared 9.5% in the biggest one-day rally since 2008, following days of turmoil sparked by the tariffs.
The BBC’s North America Business Correspondent Michelle Fleury explains Wednesday’s US market shifts from Wall Street.
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