Trump's 90-Day Tariff Pause Triggers Historic Wall Street Rally
Wall Street staged one of its biggest rallies in history on Wednesday after President Donald Trump announced a 90-day suspension of steep reciprocal tariffs on non-retaliating countries.
In a Truth Social post at 1:18 p.m. ET, Trump revealed the tariff pause, saying rates would be lowered to 10% during the period, effective immediately.
“I have authorized a 90 day PAUSE, and a substantially lowered Reciprocal Tariff of 10%,” Trump wrote.
The market response was explosive.
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S&P 500 surged 9.5%, its best day since 2008.
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Nasdaq Composite jumped 12.1%, its second-largest one-day gain ever.
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Dow Jones rose 2,962 points or 7.9%, marking its strongest rally since the financial crisis.
Trump said from the White House:
“Things looked bleak, but this could be the biggest day in financial history.”
Big Tech Leads the Surge
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Nvidia (NVDA): +18%
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Tesla (TSLA): +22%
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Apple (AAPL), Meta (META), Amazon (AMZN): All rose over 12%
Even stocks hit by China tariff fears bounced back, including Alibaba (+5%) and JD.com
Trade War with China Escalates
Despite the pause for others, Trump raised tariffs on Chinese imports to 125%, escalating trade tensions.
Still, investors focused on the good news. Piper Sandler’s Michael Kantrowitz noted:
“The worst-case scenario is now likely off the table.”
Volatility Still Lingers
The S&P had already swung over 6% peak-to-trough for three straight sessions — a rare phenomenon. Bond yields soared too, but slightly cooled after Trump’s post.
Meanwhile, Goldman Sachs, which earlier in the day predicted a recession, reversed that view post-announcement — though they still warn of a 45% chance of recession.
For now, Wall Street found the relief it needed.
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