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Global markets surged after former President Donald Trump announced an unexpected suspension of numerous tariffs, while simultaneously intensifying trade measures against China.

In a significant policy shift, Trump declared a 90-day suspension of various tariff implementations. This decision triggered an extraordinary rally in major technology stocks, with the “Magnificent Seven” companies experiencing a remarkable surge in market capitalization, exceeding $1.5 trillion in a single trading session.

The announcement propelled both the S&P 500 and Nasdaq Composite to their most substantial single-day percentage increases in over ten years. The tech sector’s response was particularly dramatic, with industry giants including Nvidia, Apple, Tesla, Amazon, and Microsoft seeing their shares climb between 7.8% and 13%. This momentum drove the Nasdaq to an impressive 8% gain.

Responding to the market’s enthusiastic reaction, Trump took to Truth Social in the early hours, stating “What a day, but more great days coming!!!”

The former president’s strategic move included a selective approach to trade policy. While many nations benefited from the tariff pause, China faced increased economic pressure. Trump elevated tariffs on Chinese imports to 125%, implementing these changes with immediate effect.

The dramatic market response highlighted the significant influence of trade policy decisions on global financial markets, particularly affecting major technology companies that have become increasingly central to market performance.

Reuters contributed to this story.