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Tokyo’s stock market rallied sharply on Thursday following U.S. President Donald Trump’s announcement of suspension of newly-imposed tariffs.
Japan’s benchmark Nikkei 225 index jumped 2,664.62 points or 8.4per cent, reaching 34,378.65 points about an hour into morning trading.
The surge came after Trump took a step back from his international trade conflict, on Wednesday, announcing a 90-day pause on some tariffs that just came into force.
Read Also: Tariff Rate In China Now Is 145% – White House Announces
In spite of the suspension, a universal customs rate of 10 per cent would apply during the three-month break, Trump had said.
Meanwhile, tariffs on goods from Japan’s neighbour, China, were raised further to 125 per cent.
U.S. stocks recorded a sharp recovery on Wednesday.
In other news, the White House has announced that the cumulative duties imposed by the Donald Trump administration on Chinese goods now total 145 per cent.
According to CNBC, this new rate takes effect immediately.
The total comprises 125 per cent in duties imposed in response to China’s allegedly unfair trade practices, combined with a 20 per cent tariff introduced during the early weeks of Trump’s second term as a response to China’s alleged failure to stem the flow of fentanyl.
