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Facing a global market meltdown, President Donald Trump on Wednesday abruptly backed down on his tariffs on most nations for 90 days, but raised his tax rate on Chinese imports to 125%.U.S. markets surged in response. The S&P 500 was up 7.8% in afternoon trading. The Dow Jones Industrial Average was up 2,476 points, or 6.6%, as of 1:35 p.m. ET, and the Nasdaq composite was 9% higher.Beijing said it was hiking retaliatory duties on U.S. imports to 84% from 34% hours after Trump’s sweeping global tariffs went into effect, which at that point included a total of 104% on goods from China.Trump has also doubled down on plans to soon impose “major” tariffs on pharmaceuticals imported into the U.S.Follow along for live updates.
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