World stock markets are rising on Thursday after US President Donald Trump's decision to suspend tariffs for 90 days, a stunning turnaround, UNN writes, citing The Telegraph.
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American stock indices soared after the US president's turnaround on Wednesday evening, which came less than 24 hours after new high tariffs came into effect for most trading partners.
For the S&P 500, it was the third best day since 1940, closing 9.5% higher. Meanwhile, relief spread to Asian markets as trading began this morning, with Japan's Nikkei index jumping 8.3%.
European markets were on track for a sharp rebound at the open, and even Chinese stocks rose.
Trump blamed people for being "a little agitated and a little scared" for suspending global tariffs after they sparked the most intense episode of financial market volatility since the early days of the COVID pandemic, the publication writes.
But he denied making a turnaround, telling reporters that "you have to be flexible."
Trump said the 90-day deferral applies to countries that have not responded to his tariffs, amid simultaneously raising import duties for China from 104% to 125%.