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5d ago

Trump Signals Major Tariff Reductions on China, Markets Surge Globally

President Trump commits to significantly lowering tariffs on Chinese imports and reaffirms Fed Chair Jerome Powell's position, fueling global market optimism.

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A trader walks, while working on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., April 22, 2025. REUTERS/Brendan McDermid
Traders work on the floor of the New York Stock Exchange during morning trading on April 22, 2025 in New York City.

Overview

  • President Trump announced that U.S. tariffs on Chinese imports, previously as high as 145%, will be reduced substantially, though not eliminated entirely.
  • Global equity markets rallied, with U.S., Asia-Pacific, and European indices posting significant gains following Trump's remarks on trade and the Federal Reserve.
  • Trump stated he has 'no intention' of firing Federal Reserve Chair Jerome Powell, reassuring investors about the central bank's independence.
  • Gold prices, which had recently hit record highs, fell as investor sentiment improved, while oil prices rose above $68 a barrel on hopes of reduced economic strain.
  • European markets opened strongly, with major indices like Germany's DAX and the UK's FTSE 100 climbing significantly, reflecting renewed confidence in economic stability.