On Wednesday, the U.S. stock market experienced a significant surge, nearly 3,000 points, following President Donald Trump’s decision to pause tariffs.
Tariffs are taxes imposed on goods imported into the United States from foreign countries. Trump’s tariffs had caused a substantial decline in the stock market and posed a threat to the retirement accounts of millions of workers.
The volatility in global markets led Democrats to accuse Trump of deliberately crashing the stock market.
During an appearance on Fox Business with host Maria Bartiromo on Wednesday, JPMorgan boss Jamie Dimon urged President Trump to pause tariffs.
Dimon warned that Trump’s tariffs would have severe repercussions for the economy, potentially leading to a recession.
Dimon expressed his confidence that Trump and his inner circle would be aware of his message, as they were likely watching Fox Business.
Later that day, Trump announced that he would suspend tariffs for 90 days for all countries except China. However, he clarified that he would significantly increase tariffs on Chinese goods by 125%.
This decision means that the prices of cell phones, sneakers, and other goods manufactured in China will experience a substantial increase.
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