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US stocks surged on Wednesday after a surprise move by President Donald Trump to pause additional tariffs on most countries for 90 days, excluding China.
The announcement triggered a powerful market rebound, breaking a week-long losing streak triggered by earlier tariff threats.
The S&P 500 jumped 6.0% to close at 5,281.44, a sharp reversal following Trump’s initial tariff push dubbed “Liberation Day.”
China Faces Tariff Hike While Others Get a Break
While Trump offered relief to most nations, his stance on China grew even more combative.
The day saw a volley of economic punches between Washington and Beijing. The US hiked tariffs on Chinese goods to 104%, prompting China to retaliate with an increase in its import levy on American products—from 34% to 84%.
In response to Beijing’s countermeasures, Trump doubled down.
He took to Truth Social again, announcing a further tariff spike on China—this time to 125%, effective immediately.
“At some point, hopefully in the near future, China will realise that the days of ripping off the USA, and other countries, is no longer sustainable or acceptable,” Trump posted.
A 90-Day Breather for Most Countries
Meanwhile, Trump signaled a softer approach for the rest of the world.
He said a 90-day pause would apply to tariffs above the baseline 10% universal rate. This, he claimed, was in recognition of the fact that over 75 countries had refrained from retaliating.
Trump credited their restraint to what he called his “strong suggestion.”
India Weighs Its Response
India, which had been hit with a 26% additional tariff last week, is still reviewing its options but hasn’t reacted sharply.
“On the third, we had a detailed press release issued by the Ministry of Commerce, in which India’s position was made clear. We are studying the implications of the tariffs that have been announced,” said Randhir Jaiswal, spokesperson for India’s Ministry of External Affairs.
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