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2w ago

Markets Rally as Trump Signals Tariff Reductions and Powell Retains Role

President Trump commits to lowering Chinese tariffs and confirms Federal Reserve Chair Powell will remain, easing investor concerns and fueling global market gains.

Workers assemble a Ford truck at the new Louisville Ford truck plant in Louisville, Kentucky, U.S. September 30, 2016. REUTERS/Bryan Woolston/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
Treasury Secretary Scott Bessent speaks, Wednesday, April 23, 2025, during the Institute of International Finance Global Outlook Forum at the Willard Hotel in Washington. (AP Photo/Jacquelyn Martin)
Reserve Bank of India (RBI) logo is seen inside its headquarters in Mumbai, India, April 6, 2023. REUTERS/Francis Mascarenhas//File Photo/File Photo

Overview

  • President Donald Trump announced that tariffs on Chinese imports will be significantly reduced following a trade deal, though they will not be eliminated entirely.
  • Trump confirmed he has no plans to fire Federal Reserve Chair Jerome Powell, reversing earlier threats that had unsettled financial markets.
  • Global stock markets surged, with U.S. indexes seeing gains of over 2.5%, supported by optimism around trade negotiations and strong corporate earnings results.
  • Treasury Secretary Scott Bessent expressed confidence in a gradual de-escalation of U.S.-China trade tensions, though he acknowledged negotiations would be challenging.
  • The International Monetary Fund downgraded U.S. growth projections for 2025 to 1.8%, citing the economic impact of elevated tariffs despite recent market optimism.