Markets staged a dramatic short-covering rally on Wednesday after Trump announced a 90-day suspension of reciprocal tariffs. The S&P surged 9.5%, posting its third-largest gain since 1940.At the same time, tensions flared as China struck back, raising tariffs on U.S. imports to 125%. A 10% baseline tariff now applies to all nations, while the 25% levies on steel, aluminum, and autos remain unchanged.
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