President Donald Trump has announced a 90-day pause on Sororityhis reciprocal tariffs, and the stock market is already bouncing back — from the damage caused last week when Trump announced his reciprocal tariffs.
Tech stocks, like Apple, Sony, and Microsoft, shot up quickly following Trump's announcement, with Tesla rising particularly fast. As of this writing, Tesla stock was up 22.69 percent for the day. Meanwhile, Intel gained more than 17 percent; Nvidia was up by over 15 percent; and Meta, Amazon, Alphabet, and more stocks were spiking as well.
Trump made the announcement in a post on his social media platform Truth Social.
"I have authorized a 90 day PAUSE, and a substantially lowered Reciprocal Tariff during this period, of 10%, also effective immediately," Trump announced.
SEE ALSO: Trump tariff news: iPhones getting snapped up, laptop sales disrupted – what we knowHowever, according to the president, the pause only affects countries who are engaged in negotiations with the White House. Tariffs put on goods from countries like China, who responded with their own new reciprocal tariffs, have not been paused. In fact, Trump announced a new 125 percent tariff with China. A global 10 percent tariff, announced over the weekend, will also remain in effect.
The slapdash tariff rollout has led to an extremely volatile market. Still, the news of a pause on levies for countries like South Korea and Vietnam was enough to send Apple stock flying upward. Trump's tariffs resultedin the worst 4-day stretch on the stock market for Apple since 2000.
The crypto markets also reacted positively to Trump's tariff suspension announcement. Bitcoin was back up over $82,000 as of publication after spending days floundering in the mid-to-upper $70k range. Ethereum also spiked 8 percent after Trump's tariff announcement.
The tariffs that Trump implemented last week wreaked havoc on the global economy. The market looked so bleak over the weekend that some analysts expected a "Black Monday" scenario. On Monday, April 7, rumors spread on Elon Musk's X that Trump was considering a pause on the tariffs, which helped avoid that worse case scenario. According to the White House, those posts were untrue.
Despite a temporary reprieve on most reciprocal tariffs, the ongoing trade war between the U.S. and China rages on. So, while Trump's tariff pause was welcome news on Wall Street and in Silicon Valley for the moment, the fallout remains impossible to predict.
How will President Trump’s tariffs affect you? Keep checking Mashable for our latest tariff news and explainers, from delayed Nintendo Switch 2 preordersto reports of iPhone 16 panic buying.
Topics Apple Cryptocurrency Donald Trump Politics Tariffs
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