U.S. President Donald Trump speaks during a “Make America Wealthy Again” trade announcement event in the Rose Garden at the White House on April 2, 2025, touting the event as “Liberation Day," (Photo by Chip Somodevilla/Getty Images)

Rounak Jain·Stocktwits

Updated Jul 02, 2025 | 8:31 PM GMT-04

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U.S. equities skyrocketed on Wednesday after President Donald Trump announced a 90-day pause on tariffs for 75 countries, excluding China.

At the time of writing, the Dow shot up more than 2,600 points, registering its biggest single-day gain since April 2020. The tech-heavy Nasdaq 100 index skyrocketed nearly 10%, while the S&P 500 rose over 8%.

In a post on his social media platform Truth Social, President Trump announced that 75 countries that had reached out to the U.S. government’s various agencies and departments until now will be granted 90-day relief from the reciprocal tariffs.

President Trump also increased pressure on China after the Xi Jinping administration hiked tariffs to 84%. This was in response to Trump's hiking total tariffs on Chinese goods imported into the U.S. to 104%, effective Wednesday.

As such, the new tariff on Chinese imports is now 125%.

The SPDR S&P 500 ETF Trust (SPY), which tracks the S&P 500, was up 7% at the time of writing.

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