TORONTO — Stock markets in Canada and the U.S. shot up after U.S. President Donald Trump paused his “reciprocal” tariffs on most nations for 90 days, though he further raised his tax rate on Chinese imports.
In a social media post Wednesday, Trump announced a pause on the “reciprocal tariffs” he enacted on a wide swath of countries. However, the 10 per cent baseline tariff remains in place.
China was the exception to the rule. Trump hiked the tariff rate on goods coming from China to 125 per cent, effective immediately.
“It’ll be interesting to see what happens going forward, because I think this doesn’t really reduce the uncertainty,” said Kevin Headland, chief investment strategist at Manulife Investment Management.
“I think it delays (it).”
The S&P/TSX composite index closed up 1,220.13 points, or 5.4 per cent, at 23,727.03. The index had been down earlier in the morning amid worries about Trump’s trade war…
