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4d ago

Markets Rally as Trump Calms Fears Over Powell and China Tariffs

President Trump assures Fed Chair Powell’s job is secure and signals significant tariff reductions, spurring investor optimism and global market gains.

Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., April 22, 2025. REUTERS/Brendan McDermid/File Photo
A worker attaches a part to a Mercedes-Maybach car on a production line of "Factory 56", one of the world's most modern electric and conventional car assembly halls of German carmaker Mercedes-Benz, in Sindelfingen near Stuttgart, Germany, March 4, 2024. REUTERS/Wolfgang Rattay/File Photo/File Photo
Reserve Bank of India (RBI) logo is seen inside its headquarters in Mumbai, India, April 6, 2023. REUTERS/Francis Mascarenhas//File Photo/File Photo
U.S. President Donald Trump looks on as Jerome Powell, his nominee to become chairman of the U.S. Federal Reserve, speaks at the White House in Washington, U.S., November 2, 2017.

Overview

  • U.S. stocks surged over 2% on major indexes Wednesday after Trump confirmed he would not fire Federal Reserve Chair Jerome Powell, reversing previous threats.
  • Trump announced plans to significantly reduce the 145% tariffs on Chinese imports, raising hopes for a de-escalation in the U.S.-China trade conflict.
  • Treasury Secretary Scott Bessent labeled the current tariff situation as unsustainable and expressed optimism for near-term trade negotiations with China.
  • Tesla’s stock rose over 6% following strong earnings and CEO Elon Musk's announcement to reduce his government role to focus on his companies.
  • Despite market gains, the IMF lowered its U.S. growth forecast to 1.8% for 2025, citing the lingering economic impact of elevated tariffs.