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President Trump's 90-day pause yesterday on his tariff hikes on most countries except China sent Wall Street soaring with the Dow up 7.8% the Nasdaq up 12% and the S&P 500 up 9.5% by the close.
We don't want to hurt countries that don't need to be hurt and they all want to negotiate.
The only problem is you know you can only do somebody at one time.
It's like we want to do it right.
We want to get it right.
But for China, one of the US's biggest trading partners,
Trump announced he would raise tariffs on Chinese imports to 125% immediately.
This after Beijing announced a new round of tariffs at 84% on US imports, which are now in effect.
Meanwhile, the head of the Bank of France calls Trump's temporary suspension of tariffs,
quote, the beginning of a return to economic reason.
In Pierce Eleanor Beardsley reports tariffs on European goods have now been lowered from 20% to 10% at least for the next three months.
Trump's about face on tariffs came several hours after the EU unveiled its own list of American products to tax,
which included poultry, wood and fruit.
European leaders say they do not want to trade war with the US.
They want to negotiate.