Washington April 9 2025: Wall Street is ripping higher after Trump announced a 90-day pause on the “reciprocal tariffs” he rolled out just a week ago – a dramatic reversal that’s sending stocks into overdrive.
In a social media post, Trump unveiled a softened stance. But he’s doubling down on his conflict with Beijing, raising tariffs on Chinese imports to 125% from the 104% that kicked in overnight.
The benchmark is surging 7.5%, while the Nasdaq has rocketed more than 9% higher. That puts the S&P 500 on track for its biggest one-day percentage gain since 2020.
At the S&P 500’s current level, it is set to win back $3.2 trillion in stock market value it has lost in recent days.
Treasury Secretary Scott Bessent just insisted this isn’t Trump bowing to market pressure. But it sure looks that way.
The president and fellow Republicans have faced blistering criticism as Wall Street endured its worst beating since 2020. Business leaders and economists haven’t minced words either, warning that a full-blown trade war would push the U.S. into recession territory.
