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Stock market highlights: S&P 500 soars 9.5% after Trump limits some tariffs [1]

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Date: 2025-04

Long-threatened tariffs from U.S. President Donald Trump have plunged the country into trade wars abroad — all while on-again, off-again new levies continue to escalate uncertainty.

Here’s just a handful of dates that show how we got here:

Jan. 20

On his first day in office, Trump says he expects to put 25% tariffs on Canada and Mexico starting on Feb. 1, while declining to immediately flesh out plans for taxing Chinese imports.

Feb. 1

Trump signs an executive order to impose tariffs on imports from Mexico, Canada and China — 10% on all imports from China and 25% on imports from Mexico and Canada starting Feb. 4. Trump invoked this power by declaring a national emergency — ostensibly over undocumented immigration and drug trafficking.

Feb. 3

Trump agrees to a 30-day pause on his tariff threats against Mexico and Canada, as both trading partners take steps to appease Trump’s concerns about border security and drug trafficking.

Feb. 13

Trump announces a plan for “reciprocal” tariffs — promising to increase U.S. tariffs to match the tax rates that other countries charge on imports “for purposes of fairness.” Economists warn that the reciprocal tariffs, set to overturn decades of trade policy, could create chaos for global businesses.

April 2

Trump announces his long-promised “reciprocal” tariffs — declaring a 10% baseline tax on imports across the board starting April 5, as well as higher rates for dozens of nations that run trade surpluses with the U.S. to take effect April 9.

April 4

China announces plans to impose a 34% tariff on imports of all U.S. products beginning April 10, matching Trump’s new “reciprocal” tariff on Chinese goods, as part of a flurry of retaliatory measures.

▶ Read the full timeline of Trump’s trade war

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[1] Url: https://apnews.com/live/stock-market-economy-tariffs-updates-4-9-2025?version=1744229387537

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