The stock market surged on Wednesday after President Donald Trump announced a 90-day pause on some tariffs but escalated import taxes on China.
The Dow surged 2,600 points, or 6.9%. The S&P 500 was up 8%. The Nasdaq Composite jumped 10%, on pace for its best day since 2008, according to Dow Jones Market Data.
In a post on Truth Social, the president said he authorized a 90-day pause on countries with rates above 10%. All trading partners will still face 10% tariffs during the 90 days, Treasury Secretary Scott Bessent told reporters.