Bessent: Countries that did not retaliate have been rewarded – stock market crash is not behind it
The countries that did not retaliate with tariffs are now being rewarded. This is what Treasury Secretary Scott Bessent says after Donald Trump announced that the US's reciprocal tariffs will be paused for 90 days against all countries except China. This is reported by several media outlets.
- It was not a complicated message, do not retaliate and everything will be fine, says Bessent while criticizing China.
- I do not want to call it a trade war – but China has escalated it, he says in a live interview.
He also says that the stock market crash had nothing to do with the decision and that a pause gives more time for negotiations. Going forward, he expects more countries to approach the US to reach an agreement.
The broad 10 percent tariffs will remain in place for the 90 days.
The countries that did not retaliate with tariffs are now being rewarded. This is what Treasury Secretary Scott Bessent says after Donald Trump announced that the US's reciprocal tariffs will be paused for 90 days against all countries except China. This is reported by several media outlets.
- It was not a complicated message, do not retaliate and everything will be fine, says Bessent while criticizing China.
- I do not want to call it a trade war – but China has escalated it, he says in a live interview.
He also says that the stock market crash had nothing to do with the decision and that a pause gives more time for negotiations. Going forward, he expects more countries to approach the US to reach an agreement.
The broad 10 percent tariffs will remain in place for the 90 days.
Trump cuts tariffs for 90 days – raises to 125 percent against China
Trump is "pausing" trade tariffs for 90 days against countries that have not imposed retaliatory tariffs against the US, he writes on Truth Social.
In a comment to CNBC, the White House clarifies that trade tariffs will remain at 10 percent during the "pause", during which it is expected to negotiate future trade tariffs.
The change takes effect immediately. China, however, is not included, against which he is raising tariffs to 125 percent.
"Hopefully, at some point in the near future, China will realize that the days of taking advantage of the US and other countries are no longer sustainable or acceptable," Trump writes.
Previous tariffs against Mexico and Canada, as well as steel and auto tariffs against the EU, remain in place.
Trump is "pausing" trade tariffs for 90 days against countries that have not imposed retaliatory tariffs against the US, he writes on Truth Social.
In a comment to CNBC, the White House clarifies that trade tariffs will remain at 10 percent during the "pause", during which it is expected to negotiate future trade tariffs.
The change takes effect immediately. China, however, is not included, against which he is raising tariffs to 125 percent.
"Hopefully, at some point in the near future, China will realize that the days of taking advantage of the US and other countries are no longer sustainable or acceptable," Trump writes.
Previous tariffs against Mexico and Canada, as well as steel and auto tariffs against the EU, remain in place.
Trump: People got a little scared of the tariffs – the market is now fantastic
Fair agreements will be made with everyone, including China. Donald Trump said this during a speech outside the White House shortly after he announced that the US's retaliatory tariffs would be paused for 90 days.
Trump comments on the unrest in the markets and says that people started to get a little scared of the tariffs, writes Reuters. He also says that he was monitoring the "very problematic" US bond market shortly before the pause decision was announced.
- The bond market is now fantastic, he says.
Trump emphasizes at the same time that he has not backed down from the tariffs, writes AFP.
- You have to be flexible.
Fair agreements will be made with everyone, including China. Donald Trump said this during a speech outside the White House shortly after he announced that the US's retaliatory tariffs would be paused for 90 days.
Trump comments on the unrest in the markets and says that people started to get a little scared of the tariffs, writes Reuters. He also says that he was monitoring the "very problematic" US bond market shortly before the pause decision was announced.
- The bond market is now fantastic, he says.
Trump emphasizes at the same time that he has not backed down from the tariffs, writes AFP.
- You have to be flexible.
Today's stock market
Third largest rally in modern times after tariff pause – the giants surged by double digits
Wall Street recorded one of its best stock market days ever after Donald Trump announced that tariffs would be paused for 90 days. At the close, it looked as follows:
• S&P500: +9.5%
• Nasdaq: +12.2%
• Dow Jones: +7.9%
– The stock market has been looking for a reason to rush. The pause provides a good breathing space for negotiations to land, says BMO strategist Carol Schleif according to Reuters.
Many experts agree, but several are also skeptical and urge investors to keep a cool head.
The broad tariffs of 10 percent are still in place. In addition, China's tariffs are insanely high, one expert tells CNBC.
– I wouldn't assume that the bottom has been reached, says Sam Stovall, head of investment strategy at CFRA Research.
The S&P500 recorded its best trading day since the volatile days of the financial crisis in 2008. If you dive deep into broad indices, only about a dozen companies were trading in the red. For the Nasdaq, it was the best day since the dot-com bubble and the second best ever, writes CNBC.
All in all, Wednesday was the third best trading day for US stock exchanges since World War II, according to data from Factset.
Technology companies such as Nvidia, Tesla and Broadcom rose between 19 and 22.7 percent.
AMD and On Semiconductor were traded up 23 percent.
Apple, which has been painted as a big tariff loser, rose over 15 percent.
Delta strengthened 24 percent after a strong report in which the airline also took the opportunity to drop its full-year outlook and flagged a lower flight capacity.
Rival United Airlines in turn rose 26 percent while the cruise duo Norwegian and Caribbean rose about 20 percent.
Third largest rally in modern times after tariff pause – the giants surged by double digits
Wall Street recorded one of its best stock market days ever after Donald Trump announced that tariffs would be paused for 90 days. At the close, it looked as follows:
• S&P500: +9.5%
• Nasdaq: +12.2%
• Dow Jones: +7.9%
– The stock market has been looking for a reason to rush. The pause provides a good breathing space for negotiations to land, says BMO strategist Carol Schleif according to Reuters.
Many experts agree, but several are also skeptical and urge investors to keep a cool head.
The broad tariffs of 10 percent are still in place. In addition, China's tariffs are insanely high, one expert tells CNBC.
– I wouldn't assume that the bottom has been reached, says Sam Stovall, head of investment strategy at CFRA Research.
The S&P500 recorded its best trading day since the volatile days of the financial crisis in 2008. If you dive deep into broad indices, only about a dozen companies were trading in the red. For the Nasdaq, it was the best day since the dot-com bubble and the second best ever, writes CNBC.
All in all, Wednesday was the third best trading day for US stock exchanges since World War II, according to data from Factset.
Technology companies such as Nvidia, Tesla and Broadcom rose between 19 and 22.7 percent.
AMD and On Semiconductor were traded up 23 percent.
Apple, which has been painted as a big tariff loser, rose over 15 percent.
Delta strengthened 24 percent after a strong report in which the airline also took the opportunity to drop its full-year outlook and flagged a lower flight capacity.
Rival United Airlines in turn rose 26 percent while the cruise duo Norwegian and Caribbean rose about 20 percent.
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