On Wednesday, in a surprise post on Truth Social, Donald Trump rolled back trade tariffs that had gone into effect earlier that day. How markets and tech stocks reacted, some of which feared they would lose all of their net income by 2025.
On Wednesday, in a surprise post on Truth Social, Donald Trump rolled back trade tariffs that had gone into effect earlier that day. How markets and tech stocks reacted, some of which feared they would lose all of their net income by 2025.
«I’ve been thinking about this for the last few days,» writes Politico, referring to the words Trump said in the Oval Office on Wednesday. The US president also added that he «just wrote it,» referring to the decision to pause tariffs, which he announced in a post on Truth Social, which he did not appear to have discussed with lawyers. «We didn’t have access to lawyers… We wrote it from our hearts, didn’t we? It was written from the heart, and I think it was well written, too,» Trump said.
Markets have crashed in response to the tariffs, with a number of big tech companies, including Apple, Meta, Amazon and Microsoft, taking losses. After Trump announced the tariffs would be lifted, shares of the «Magnificent Seven» of the top US tech companies, which include Alphabet, Amazon, Apple, Meta, Microsoft, NVIDIA and Tesla, rose by more than $1 trillion. That’s roughly the size of the Dutch economy.
On the eve of the meeting, Donald Trump announced that the US is also introducing a 90-day pause on mutual customs tariffs. Now a number of countries will pay only 10% duties, except for China, whose tariffs on goods from there Trump set at 125%.
