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U.S. stock indexes are displayed at the New York Stock Exchange on April 9, after President Donald Trump announced a 90-day pause on reciprocal tariffs, excluding China. / Source: AFP-Yonhap News

U.S. stock markets surged on April 9 after President Donald Trump announced a 90-day suspension of reciprocal tariffs, excluding China, on over 70 countries.

The tech-heavy Nasdaq skyrocketed 12%, marking its biggest single-day gain in 24 years. The S&P 500 rose 9.5%, its largest increase since the 2008 financial crisis. The Dow Jones Industrial Average jumped 7.9%, the sharpest one-day gain since 2020, with a record point gain of 2,963.

Trump posted on his social media platform Truth Social that “more than 75 countries have contacted us seeking to negotiate solutions,” and that “none have retaliated in any way, shape, or form.” He added, “As a result, I am approving a 90-day suspension of reciprocal tariffs, and during that period, a significant reduction to a 10% base tariff, effective immediately.” Following the announcement, the markets rebounded sharply.

Previously, economists including JPMorgan CEO Jamie Dimon warned that a prolonged tariff war could push the U.S. economy into a recession.

The day before, the Trump administration had applied reciprocal tariffs to about 100 countries, including a 104% tariff on Chinese imports. In response, China raised tariffs on U.S. goods from 34% to 84%. Later that afternoon, Trump declared that U.S. tariffs on Chinese products would be immediately raised to 125%.

On the same day, the yield on 10-year U.S. Treasury bonds briefly climbed to 4.47%, but retreated to 4.41% after strong demand at an auction and the tariff suspension announcement. Amid ongoing uncertainty, investors remain wary of holding government bonds, with yields having risen by 0.42 percentage points over the last three trading sessions.