Who all are in the exemption list?
Trump said that over 75 countries have contacted his administration and have “not retaliated” on his “strong suggestion”, which is why he took the decision to halt the tariffs.
Bessent on Wednesday couched the turnabout as a victory for Trump, telling reporters the president “created maximum negotiating leverage for himself” in talks with other nations. He said he would be speaking to officials from Vietnam, Japan, India and South Korea in the coming days.
However, it is not yet clear which nations are in the tariff exemption list. Reports have indicated that India, termed by Trump as a “tariff abuser” is exempted from higher duties. New Delhi has been engaged with Washington for a bilateral trade agreement for the past few weeks.
How the stocks have reacted?
Stocks staged their best rally since 2008 as euphoria gripped markets after Trump's abrupt announcement. The S&P 500 Index soared 9.5 percent, rebounding from bear-market territory. The tech-heavy Nasdaq 100 surged 12 percent. Goldman Sachs Group Inc. economists rescinded their forecast for a US recession. Asian stocks too posted their biggest jump in more than two years, while Chinese shares advanced in the hopes of more stimulus.