We always knew tit for tat was never a good idea to begin with. In a surprising turn of events, Donald Trump has hit pause on his tariff storm. On Wednesday, he announced a 90-day pause on his sweeping tariffs on all countries except China. We don’t know what to say at this point. Over 75 countries had negotiated with the President regarding the tariff changes and had not retaliated, which led to the pause. According to reports, during the 90 days, a significantly reduced reciprocal tariff of just 10 per cent would be in effect.
But at the same time, he is remaining steadfast on the 125% tariff he has imposed on China. “At some point, hopefully soon, China will realise that the days of ripping off the US and other countries are no longer sustainable or acceptable," he commented on social media. Shortly after the announcement, Wall Street stocks skyrocketed. The Dow index surged ahead by around 2,500 points along the way to a nearly eight percent gain during the session. Meanwhile, the tech-rich Nasdaq gained 12.2 percent to notch its best day in 24 years, and the S&P 500 surged 6.0 percent higher to 5,281.44 points.
The fever is dying down, and the world looks a little brighter now, doesn’t it?
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Source: NDTV World