Trump pauses tariffs connected European Union goods
Stocks jumped connected Tuesday, aft Mr. Trump announced implicit the Memorial Day play that helium would pause the implementation of steep tariffs connected the European Union until July 9 to let much clip for commercialized negotiations with the 27-country bloc.
The S&P 500 climbed 90 points, oregon 1.6%, to 5,893 points, arsenic of 10:43 a.m. EST, portion the Dow Jones Industrial Average gained 499 points, oregon 1.2%. The tech-heavy Nasdaq Composite roseate 2.0%.
Mr. Trump had initially threatened to enforce a "straight 50% Tariff" connected the trading bloc, effectual June 1. The news, announced by the president successful a Truth Social station Friday, sent stocks tumbling arsenic investors braced for much uncertainty.
Wall Street rallied aft President Trump announced helium would delay the implementation of EU tariffs, from June 1 to July 9.
The medication has been moving to onslaught deals earlier July 9, erstwhile the 90-day intermission connected reciprocal tariffs is acceptable to end. The president announced wide presumption of a commercialized woody with with the United Kingdom earlier this month, followed by a tariff truce with China.
Maros Sefcovic, main commercialized negotiator for the EU, said Monday, pursuing calls with apical U.S. officials, that the bloc was "fully committed" to reaching an statement with the U.S. by the July deadline.
European stocks were up amid quality of the U.S.-EU commercialized speech progress, with Germany's DAX adding 0.7% and the CAC 40 successful Paris picking up 0.2%. London's FTSE 100 gained 0.8%
Mary Cunningham is simply a newsman for CBS MoneyWatch. Before joining the concern and concern vertical, she worked astatine "60 Minutes," CBSNews.com and CBS News 24/7 arsenic portion of the CBS News Associate Program.
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