Stocks in Asia and Europe joined a major rally on Wall Street after Trump said Wednesday that he was halting steep tariffs on scores of nations for 90 days -- though he kept a global baseline 10 percent levy intact.
The European Union, which had faced a 20 percent tariff, welcomed Trump’s U-turn, saying it was an “important step towards stabilising the global economy”.
“We want to give negotiations a chance,“ EU chief Ursula von der Leyen said in a statement.
Other countries are also lining up to bargain.
Vietnam said it had agreed with the United States to start trade talks, while Pakistan is sending a delegation to Washington.
But there was no let-up in Trump’s trade war with China, which said the US tariffs policy “goes against the will of the world and goes against the whole world”.
Beijing added Hollywood to its target list on Thursday as it announced it would “moderately reduce” the number of US films it imports.
“We hope the US will meet China halfway, and, based on the principles of mutual respect, peaceful coexistence and win-win cooperation, properly resolve differences through dialogue and consultation,“ Commerce Ministry spokeswoman He Yongqian said.
“A deal’s going to be made with China. A deal’s going to be made with every one of them,“ Trump said at the White House. However, China’s leaders “don’t quite know how to go about it”.
The billionaire former property tycoon has particularly raged against China, accusing it of excess production and “dumping” inexpensive goods on other economies.
Markets have been on a roller-coaster ride since Trump announced his tariff plans last week, with the 10 percent global levy taking effect on Saturday and the higher ones on Wednesday before the pause.
Trump denied that he backtracked on the tariffs, saying he remains flexible.
Wall Street’s tech-heavy Nasdaq index finished more than 12 percent higher on Wednesday while the broad-based S&P 500 jumped 9.5 percent.
Asia and Europe followed suit on Thursday, with Tokyo closing 9.1 percent higher as the Japanese government welcomed the tariff pause but demanded that other levies be halted.
“This will go down in American history as the greatest trade negotiating day we have ever had,“ said Trump’s senior trade advisor Peter Navarro.
“We’re in a beautiful position for the next 90 days” to seek trade deals with partners, he told ABC News, adding that more than 75 have sought to negotiate with Washington.
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