Stocks rally after Trump announces pause on EU tariffs
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Stocks jumped on Tuesday, after Mr. Trump announced over the Memorial Day weekend that he would pause the implementation of steep tariffs on the European Union until July 9 to allow more time for trade negotiations with the 27-country bloc.
The S&P 500 climbed 90 points, or 1.6%, to 5,893 points, as of 10:43 a.m. EST, while the Dow Jones Industrial Average gained 499 points, or 1.2%. The tech-heavy Nasdaq Composite rose 2.0%.
Mr. Trump had initially threatened to impose a "straight 50% Tariff" on the trading bloc, effective June 1. The news, announced by the president in a Truth Social post Friday, sent stocks tumbling as investors braced for more uncertainty.
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