Currency traders watch monitors near a screen showing the Korea Composite Stock Price Index (KOSPI), top left, and the foreign exchange rate between the U.S. dollar and South Korean won, top center, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea. AP
It was seemingly an attempt to narrow what had been an unprecedented trade war between the U.S. and most of the world to one between the U.S. and China.
Global markets surged on the development, but the precise details of Trump’s plans to ease tariffs on non-China trade partners were not immediately clear.
US markets surged in response. The S&P 500 was up 5.7% after erasing an earlier loss of 0.7%. The Dow Jones Industrial Average soared 2,000 points, or 5%, and the Nasdaq composite was up 6.8%.
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