President Donald Trump temporarily reduced new U.S. tariffs on imports from most countries to 10% for 90 days, according to CNBC. The decision followed the implementation of reciprocal tariffs on goods from nearly 90 nations. Trump raised tariffs on Chinese imports to 125%, citing China's “lack of respect” for global markets. China increased tariffs on U.S. imports to 84%. Stock indices surged following the announcement, with the S&P 500 jumping 7%.
