Trump tariffs live updates: Wall Street stocks up at end of rollercoaster week

Summary

US markets close with some gains following fluctuations in global stocks over Donald Trump's tariffs
China raised import taxes on US goods to 125%, in response to a 145% levy on some of its goods imported to America
"The fight will only be short term": People in China tell the BBC how they think the trade war will affect them
The US dollar falls to a three-year low as Deutsche Bank says "the damage has been done"
Trump says the US is "doing really well on our tariff policy" and "it is moving along quickly", as the White House says tariffs are "necessary to make America wealthy again"

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How is the trade war with the US affecting people in China?

Live Reporting

Edited by Matt Spivey in London and Caitlin Wilson in Washington DC

Shares in Japan, South Korea and Australia jumppublished at 01:10 British Summer Time 10 April
Shares in Japan, South Korea and Australia have jumped in early trading.
The Nikkei 225 and Kospi indexes gained more than 5%.
In Sydney, the ASX 200 rose by about 3%.
Japanese shares open higherpublished at 01:03 British Summer Time 10 April
Japanese shares made gains on the open on Wednesday.
The benchmark Nikkei 225 index rose by 1.9% in early trading.
Shares in Tokyo slumped on Wednesday over tariff concerns. Most goods exported from the country to the US were set to be hit with a 24% levy, which has now been paused.
US markets surged in reaction to Trump's new tariffspublished at 00:57 British Summer Time 10 April
Image source, Reuters
In the days following Donald Trump's initial announcement of sweeping tariffs, stock markets across the world plummeted.
But on Wednesday evening, after news broke of the 90-day pause, they rallied.
In the hour after Trump posted the update, here's how the key US indexes looked:
- S&P 500 surged 9.5%
- Nasdaq went up 12.2%
- Dow Jones increased 7.9%
We'll find out how Asian markets open in just a few minutes.
China refuses to back down, so Trump ups the ante: What happened yesterdaypublished at 00:55 British Summer Time 10 April
Image source, Reuters
If you're just starting your day and haven't checked tariff news. Here's what went down on Wednesday:
- Just before 19:00 BST / 14:00 EDT, Donald Trump announced sweeping changes to his tariff regime via a post on Truth Social
- He removed the "reciprocal tariffs" from the US's trading partners - those were the rates on that giant scoreboard from last week - and applied 10% tariffs across the board
- Mexico and Canada were exempt and went back to his original tariff plan
- But, intent on punishing China, he upped tariffs on Chinese imports to125%
- Seven hours earlier, China announced 84% tariffs on US imports, vowing to not back down in its trade war with the US
- In the hours before Trump's announcement, the EU voted to impose new tariffs on the US - but Trump didn't seem to hold it against the bloc and explicitly included it in the new 10% group
Asia markets to open after Trump pauses most higher tariffspublished at 00:54 British Summer Time 10 April
Good morning, all eyes are on stock markets in the Asia-Pacific region as trading is set to begin in a few minutes.
Shares on Wall Street staged a massive rally on Wednesday, after US President Donald Trump paused higher tariffs on most of the world, while raising levies on China.
Here's a reminder of how shares performed in the region yesterday:
- Nikkei 225 (Japan) -3.9%
- Kospi (South Korea) -1.7%
- Shanghai Composite (China) +1.3%
- Hang Seng (Hong Kong) +0.7%
- Taiex (Taiwan) -5.8%
- Nifty 50 (India) -0.6%
- ASX 200 (Australia) -1.8%
Follow us as we bring you the latest.