Stock Markets Rally as Trump Unveils Reciprocal Tariff Plan

In a significant move that has sent ripples through the financial world, President Donald Trump has announced a plan to implement reciprocal tariffs on trade partners. This announcement has led to a surge in major stock markets in New York City, with the Dow Jones Industrial Average jumping 350 points, or 0.79%, by 2:30 pm ET. Similarly, the Nasdaq 100 and the S&P 500 saw increases of 1.04% and 0.81%, respectively.

The implementation of these new tariffs will be delayed, as President Trump has tasked Howard Lutnick, his nominee for Commerce Secretary, with conducting a thorough review to determine the appropriate levy levels for each affected country. This assessment is expected to be completed by April 1.

In currency markets, the euro gained 0.47% against the dollar, trading at 1.04398. This development underscores the global impact of Trump's tariff strategy, as markets and currencies adjust to the potential changes in trade policies.