President Donald Trump has announced an extension of the tariffs on imported goods from foreign countries by an additional 90 days, while also increasing the minimum import tax to 10%, affecting all countries except China, which will face a 125% tariff on imported goods with immediate effect.
Trump stated that over 75 countries have contacted US agencies to discuss trade and import tax issues, with China choosing to impose tariffs on US goods, prompting Trump to respond with further tariffs.
Following this announcement, the US stock market immediately rose, with the Nasdaq increasing by 12% and the S&P 500 by 9%. Major tech companies also saw significant increases, with Tesla up by 22.7%, Apple by 15.3%, NVIDIA by 18.7%, Microsoft by 10.1%, Google by 9.9%, Amazon by 12%, and Meta by 14.8%.
Source: CNBC, Investopedia
TLDR: President Trump extends tariffs on imports by 90 days and imposes higher tariffs on China, leading to a surge in the US stock market and tech company stocks.
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