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Trump Says China Wants to Make a Trade Deal
Posted
April 10, 2025
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129,633
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April 10, 2025
129,633
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676
1.55%
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0:18Now PlayingPresident Donald Trump announced a 90-day pause on higher reciprocal tariffs that hit dozens of trade partners after midnight, while raising duties on China to 125%.
The president’s about-face comes roughly 13 hours after higher reciprocal duties on 56 nations and the European Union took effect, fueling market turmoil and stoking recession fears. Trump came under massive pressure from business leaders and investors to reverse course.
“I thought that people were jumping a little bit out of line,” Trump told reporters at the White House on Wednesday when asked why he backed off. “They were getting a little bit yippy, a little bit afraid.”
Stocks surged the most since 2020 on Trump’s abrupt announcement, with the S&P 500 Index rising over 8%, with almost every company gaining, and the tech-heavy Nasdaq 100 jumping the most since 2008. Goldman Sachs Group Inc. economists rescinded their forecast for a US recession.
Bonds eased an earlier selloff but remained down across maturities for a third day. Trump was looking at the bond market as he made his decision, he told reporters.
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