Traders work on the floor of the New York Stock Exchange (NYSE) during afternoon trading on April 9, 2025 in New York. Wall Street stocks rocketed to close solidly higher Wednesday, with dramatic advances on all three major indexes as US President Donald Trump delayed steep new tariffs hours after they took effect. The Dow Jones Industrial Average surged 7.9 percent to 40,608.45, the broad-based S&P 500 Index rallied 9.5 percent to 5,456.90, and the tech-focused Nasdaq Composite Index jumped more than 12.2 percent to 17,124.97. (Photo by ANGELA WEISS/AFP via Getty Images)
OAN Staff James Meyers 3:32 PM – Wednesday, April 9, 2025
U.S. stocks jumped significantly on Wednesday after President Donald Trump announced a 90-day delay in tariffs for countries that hadn’t imposed reciprocal tariffs.
However, he raised tariffs even more against China, increasing it in total to 125%, citing the country’s “lack of respect” for global markets.
The Nasdaq surged over 12% and the S&P 500 by 10%, their biggest increase since October 2008 after a rally during the Great Recession. The Dow was also up a massive 3,000 points, or 7.9%.
Additionally, Nvidia shares skyrocketed 15%, the most since July, while Apple shares rose 13%, the largest move in over five years since March 2020. Microsoft shares went up $220 billion as well.
Clothing retailers like Nike surged as well, as they are heavily impacted by high tariffs on garment-producing countries such as Cambodia, Sri Lanka, and Bangladesh.
In only five minutes, during the initial surge upwards, trillions of dollars were added to the value of U.S. stocks, providing a huge boost to Americans, especially those with investments in 401(k)s and indices like the Dow.
Trump said in a Truth Social post that he decided to pause the tariffs because “more than 75 countries reached out to US officials to negotiate a solution to the trade issues raised by the new duties.”
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. At some point, hopefully in the near future, China will realize that the days of ripping off…
— Donald J. Trump Posts From His Truth Social (@TrumpDailyPosts) April 9, 2025
Treasury Secretary Scott Bessent addressed reporters outside the White House after the pause was put in place.
He stated that countries who had not retaliated would go down 10% universal baseline tariff.
Commerce Secretary Howard Lutnick posted that he and Bessent sat with Trump as he wrote the post, calling it “one of the most extraordinary Truth posts of his presidency.”
Lutnick added: “The world is ready to work with President Trump to fix global trade, but China has chosen the opposite path.”
“At some point, hopefully in the near future, China will realize that the days of ripping off the U.S.A., and other Countries, is no longer sustainable or acceptable.
“Conversely, and 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 to the subjects being discussed relative to Trade, Trade Barriers, Tariffs, Currency Manipulation, and Non Monetary Tariffs, 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. Thank you for your attention to this matter!”
Meanwhile, the European Union (EU) had launched its own retaliatory tariffs, announcing measures targeting some U.S. products from Tuesday in retaliation for American duties on global steel and aluminum exports.
However, the EU notably did not retaliate against the 20% U.S. tariffs that came into effect a minute after midnight on Wednesday.
With markets being so volatile for the past week, Trump told Americans early Wednesday morning to “BE COOL!” and said that “Everything is going to work out well.”
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