Stock markets around the world are bouncing back Tuesday after three straight days of losses, as traders reacted to the possibility of deals to end some of the tariffs introduced by U.S. President Donald Trump.
In Toronto, the S&P TSX composite index jumped 1.5 per cent in the first seven minutes of trading. In New York, the S&P 500 rose 2.8 per cent and the NASDAQ Composite was up 3.2 per cent, and the Dow Jones industrial average rose 2.9 per cent.
Overnight in Asia, markets also rose. Hong Kong’s Hang Seng index was up 1.5 per cent, while Tokyo’s Nikkei 225 rose six per cent.
Shortly before markets opened in North America, Trump posted on Truth Social that he’d spoken on the phone with South Korea’s acting president and that “things are looking good” for the prospect of a trade deal between the two countries.
Trump also said other countries have reached out about reaching an agreement on tariffs imposed by the U.S.
“We are likewise dealing with many other countries, all of whom want to make a deal with the United States,” Trump claimed.
He also claimed that China had yet to reach out.
“China also wants to make a deal, badly, but they don’t know how to get it started. We are waiting for their call,” Trump wrote.
China has said it will “fight to the end” and take countermeasures against the U.S. to safeguard its own interests after Trump threatened an additional 50 per cent tariff on Chinese imports.
Trump’s threat came after China imposed 34 per cent counter tariffs Friday in the wake of last week’s “reciprocal tariffs” introduced by Trump.
