Asian Market: Asian markets buzz due to Trump’s temporary ban on tariffs, impact of historic rise in US stocks

New Delhi| Greenness was seen in the Asian market during early trade on Thursday. Almost all the stocks saw a rise. Japan’s benchmark posted a jump of more than 2,000 points shortly after the Tokyo Exchange opened. Investors welcomed U.S. President Donald Trump’s decision to impose a 90-day temporary freeze on most tariffs. In fact, after Trump’s decision, Wednesday was the best day in the history of American stocks on Wall Street. After this, Asian markets also looked buzzing on Thursday.

Japan’s benchmark Nikkei 225 jumped 8.8% to 34,510.86 points in morning trade. Australia’s S&P/ASX 200 rose 5.1% to 7,748.00 points. South Korea’s Kospi appeared to trade at 2,412.80 points, up 5.2%. Similarly, Hong Kong’s Hang Seng rose 2.8% to 20,821.48 points, while Shanghai Composite appeared to be trading 0.6% higher at 3,207.35 points. The Hang Seng index had declined significantly in the last five days.

Investors happy with Trump’s announcement
The S&P 500 jumped 9.5% on Wall Street. At the beginning of the day it was mired in concerns that Trump’s trade war could push the global economy into recession. Then came the post on social media, which was awaited by investors from all over the world.

Tariffs on Chinese products increased by 125%
Trump said, ‘I have stopped tariffs imposed on more than 75 countries for 90 days for the time being. We are talking. Treasury Secretary Scott Besant later told reporters that we have imposed an immediate freeze, but have maintained their 10% tariffs on all global imports. However, China is an exception to this. Trump raises tariffs on Chinese products to 125%.

US market movements
Earlier on Wednesday, the atmosphere was positive at least on Wall Street. The Dow Jones Industrial Average reached a gain of 2,962 points, or 7.9%. The Nasdaq Composite jumped 12.2%. The S&P 500 had its third-best day since 1940.