Major Gains in New York City Markets

Following the announcement by United States President Donald Trump regarding a new reciprocal tariff plan, major stock markets in New York City experienced a significant rally on Thursday. The Dow Jones Industrial Average witnessed a jump of 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.

Details of the Reciprocal Tariff Plan

President Trump unveiled a strategy aimed at imposing reciprocal tariffs on trade partners, emphasizing the need for fairness in international trade. However, the implementation of these new tariffs will be postponed. Howard Lutnick, Trump's nominee for Commerce Secretary, is tasked with conducting a comprehensive review to determine appropriate levy levels for each affected country. This assessment is expected to be completed by April 1.

Impact on Currency Markets

In addition to the stock market rally, the euro gained 0.47% against the dollar, trading at 1.04398. This movement indicates the broader economic implications of the proposed tariff adjustments and the market's anticipation of their potential impact on international trade relations.