Market frenzy: Trump’s tariff suspension sparks massive gains

Shafaq News/ Oil, gold, and Bitcoin prices rallied sharply Wednesday evening after US President Donald Trump announced a 90-day suspension of tariffs. Brent crude rebounded 2% to $63.88 per barrel after earlier plunging more than 6%, while US crude climbed 1.8% to $60.71.

Gold extended its upward trajectory, with spot prices rising 2.93% and futures reaching $3,086 per ounce, up 3.25%. Bitcoin also surged past $81,000. Additionally, equities responded strongly.

The Dow Jones Industrial Average surged over than 2,600 points, recovering from prior losses. The S&P 500 jumped more than 6%, while the Nasdaq Composite soared 7.8%.

Earlier, Trump introduced a “90-day pause” and a reduced 10% tariff for over 75 countries. The tariffs, part of Trump’s broader strategy to address the US trade deficit, have disrupted global trade flows, fueled recession fears, and erased trillions in market value from multinational firms.