Wall Street surges following new statements from Trump on tariff suspension (for 90 days and under unclear terms). The Dow Jones climbs by 6.26%, the Nasdaq gains 9.04%, while the S&P 500 marks +7.46%. The U.S. President’s statement came while the American markets were open.
In the afternoon, European stock markets closed in the red, although they slightly recovered towards the end compared to the heavy losses of the morning. The session was difficult due to escalating trade tensions between the U.S. and China. Beijing announced it will impose 84% tariffs on U.S. products starting tomorrow, a 50% increase compared to previous tariffs, after the United States imposed an additional 50% tariff on China this week. This followed previous tariffs of 34% and 20%, bringing the total tax on Chinese goods to 104%.
At close, Milan ended down 2.75%, Paris dropped 3.34%, Frankfurt lost 3%, and London fell 2.92%. This happened after the European Union also took action. The Twenty-Seven (or rather, the Twenty-Six, given Hungaryβs opposition) approved countermeasures in response to U.S. tariffs on steel and aluminum. The total amount is β¬20.9 billion (compared to the β¬28 billion expected by the U.S. Treasury from the new tariffs), divided into four phases: β¬3.9 billion in tariffs starting April 15, an additional β¬13.5 billion from May 15, and finally β¬3.5 billion from December 1.