Markets surge as Trump hits pause on tariffs – Bitcoin skyrockets to $82K in dramatic rally.
Following the announcement, Wall Street rallied. The S&P 500 rose by 8.51%, the Dow Jones Industrial Average gained 7.27%, and the Nasdaq surged 10.77%. Investors, who had seen stocks fall more than 12% in the four days after Trump’s initial tariff plan on April 2, reacted positively to the pause. The Volatility Index (VIX), which had surged past 60 on April 7, fell to 34.54 by the close of trading on April 9, indicating reduced but still heightened uncertainty.
China’s response, which included pledges to reduce reliance on U.S. goods and support domestic consumption, signaled a willingness to escalate the dispute. Cornell University’s Wendong Zhang noted that Chinese leaders have broader public support this time than during the 2018-19 trade war.
Economists remained cautious. Joe Brusuelas of RSM US warned that the pause may only delay a likely recession, citing ongoing shocks to the economy. Goldman Sachs held its 45% recession forecast steady. Jake Colvin of the National Foreign Trade Council said the pause was a positive step but pointed out that a 10% baseline tariff remains, along with steep duties on steel, aluminum, autos, and possibly more to come.
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