US Stock Market Live Updates | Dow Jones soars 900 points, Nasdaq, S&P surge 2% on tariff deal hopes

U.S. President Donald Trump said on Tuesday that he is waiting to hear from China before duties of more than 100% take effect, but other administration officials said they would not prioritize negotiations with the world’s No. 2 economic power. Global markets steadied after days of carnage prompted by Trump’s sweeping levies, which have raised fears of recession and upended a global trading order that has been in place for decades. U.S. stocks posted gains after a bruising selloff that has wiped out trillions of dollars since last week.

Trump has already implemented a 10% tariff on almost all imports to the world’s largest consumer market, and targeted tariffs of up to 50% on many trading partners are due to take effect on Wednesday. China has refused to bow to what it called “blackmail” and vowed to “fight to the end” after Trump threatened to ratchet up tariffs to 104% in response to China’s decision to match “reciprocal” duties Trump announced last week.

Trump indicated that a resolution might be possible.

“China also wants to make a deal, badly, but they don’t know how to get it started. We are waiting for their call. It will happen!” he said on social media.

Administration officials, however, said China would take a back seat to other countries in trade talks.