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4d ago

Markets Surge as Trump Reverses on Fed Chair Firing and China Tariffs

President Trump signals tariff reductions and reaffirms Federal Reserve independence, triggering a significant stock market rebound.

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. stock indexes climbed to one-week highs, with the Dow up 2.48%, the S&P 500 up 2.99%, and the Nasdaq up 4.00%.
  • Trump announced he has 'no intention' of firing Federal Reserve Chair Jerome Powell, walking back earlier threats that unsettled markets.
  • The president pledged to reduce the 145% tariffs on Chinese imports 'substantially,' raising hopes for a trade de-escalation.
  • Treasury Secretary Scott Bessent emphasized the need for a resolution to the U.S.-China trade dispute, describing the current situation as unsustainable.
  • Tesla shares rose over 6% after Elon Musk announced he would scale back his government advisory role to focus on the company.