Trump Backs Down on Tariffs, Issues 90-Day Pause, Stock Market Rallies

Trump Backs Down on Tariffs, Issues 90-Day Pause, Stock Market Rallies

 

The Trump administration changed course yet again. On Wednesday, shortly after 1 p.m. in New York, the president's post on Truth Social sent the stock market upward. This comes less than a week after his announcement of the very tariffs he is now pausing. 

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“More than 75 Countries” Trump wrote, “have called to negotiate a solution..and have not, at my strong suggestion, retaliated in any way, shape, or form.”

 

Trump added. “I have authorized a 90 day PAUSE, and a substantially lowered Reciprocal Tariff during this period, of 10%, also effective immediately.”

 

Tariffs against China are not included in the pause.

 

This is the latest chaotic economic policy to emerge from the White House during Trump's 80 days in office. In just the past week the stock market has lost trillions of dollars in value.

 

Many top business leaders had rebuked Trump’s tariff policy and JP Morgan CEO Jamie Dimon  declared that as a result of Trump’s trade police the U.S. economy was likely headed for a recession.

 

The Dow Jones Industrial Average finished the day up more 2,900, but remains down significantly for the week.