The main indicators of the American stock market showed significant growth following U.S. President Donald Trump’s announcement to delay the implementation of increased tariffs for 90 days. The Dow Jones index closed the day up nearly 8%, the S&P 500 rose by 9.5%, and the Nasdaq gained the most, approximately 12%.
This is reported by Finway
Commodity prices also increased, particularly the price of oil. The price of the benchmark Brent crude reached $66 per barrel, while earlier on April 9, it had fallen below $60. The Russian Urals grade is trading slightly below $59 per barrel, although during the day, the price dropped to $53.
Goldman Sachs Cancels Recession Forecast
Economists at the investment bank Goldman Sachs canceled their recession forecast for the U.S. just an hour after it was announced.
“This morning, prior to President Trump’s announcement, we shifted to a baseline recession in response to additional tariffs for certain countries that took effect this morning. Now we have reverted to our previous baseline forecast, no recession”
, analysts noted.
China’s Reaction to Tariffs
On the evening of April 9, President Trump announced an increase in tariffs on goods from China from 104% to 125%. He explained his decision as a response to “the disrespect China shows to global markets.” Trump also stated that over 75 countries had approached the United States to discuss tariffs, without any retaliatory measures taken. In this context, the American president decided to postpone the implementation of additional tariffs for 90 days, setting a tariff rate of 10% for this period.
Earlier on Wednesday, China announced an increase in tariffs on imports from the U.S. to 84%, claiming it was protecting its national economic interests amid escalating trade tensions. Beijing’s decision was a response to the recent increase in tariffs to 104% on Chinese goods imposed by the United States.
On April 2, Trump also announced the imposition of tariffs on goods from around the world imported into the U.S. The baseline tariff rate on all foreign goods imported into the U.S. will be 10%. For the United Kingdom, Brazil, Australia, Turkey, Ukraine, and many other countries, it will be the same. It was expected that for European Union countries, the rate would be 20%, for China 34%, South Korea 25%, Japan 24%, and India 26%. Record rates were announced for Cambodia (49%), Vietnam (46%), and Sri Lanka (44%).