Trump Pauses Some Tariffs for 90d
Dow jumps 2,000 points, Nasdaq rises 10%; Treasury prices pare losses
U.S. stocks rocketed higher Wednesday after President Trump announced in a social-media post that he had authorized a 90-day pause on certain tariffs to most countries. Volatility returned to the market, as stocks recovered after at least one false start in early trading. But at shortly after 1 p.m. in New York, the president's post on Truth Social lifted the three major indexes into session highs. “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.” Because of that, he wrote, “I have authorized a 90 day PAUSE, and a substantially lowered Reciprocal Tariff during this period, of 10%, also effective immediately.” Earlier, Trump counseled cool and Treasury Secretary Scott Bessent told bankers “we are in pretty good shape" on the economy. Earlier, JPMorgan chief Jamie Dimon had said the economy was likely headed for a recession.