#Crypto#Tariffdrop
According to the Financial Times:
Trump announces 90-day pause on reciprocal tariffs against non-retaliating countries
Trump said in a Truth Social post: “Based on the fact that more than 75 countries have called Representatives of the United States, including the Departments of Commerce, Treasury, and the USTR, to negotiate a solution . . . and that these Countries have not, at my strong suggestion, retaliated in any way, shape, or form against the United States, I have authorized a 90 day PAUSE, and a substantially lowered Reciprocal Tariff during this period, of 10%, also effective immediately.”
But Trump started the post by adding more levies on China. “Based on the lack of respect that China has shown to the World’s Markets, I am hereby raising the Tariff charged to China by the United States of America to 125%, effective immediately,”
US stocks rocketed higher after Trump said he would pause tariffs on all non-retaliating countries for 90 days.
Wall Street’s benchmark S&P 500 leapt 6 per cent immediately after the announcement, while the tech-heavy Nasdaq Composite soared almost 8 per cent.
In government debt markets, the 10-year Treasury yield was initially little changed — up 0.1 percentage point to 4.37 per cent on the day.