Updated on April 9, 2025, at 3:46 p.m.
Facing a global market meltdown, President Donald Trump on Wednesday abruptly backed down on his tariffs on most nations for 90 days, but raised the tax rate on Chinese imports to 125%.
It was seemingly an attempt to narrow what had been an unprecedented trade war between the U.S. and most of the world to a showdown between the U.S. and China. The S&P 500 stock index jumped more than 7% after the announcement, but the drama over Trump’s tariffs will now be prolonged as the administration engages in negotiations that could cause uncertainties to persist in the world economy.
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