In New York, the three major U.S. stock markets rose steadily on the 8th (local time). The decline in stock indices that had continued since President Donald Trump announced on the 2nd that he would impose tariffs on major countries has come to a halt. This seems to reflect expectations that countries facing tariffs from the U.S. will find solutions through negotiations.
On this day, the Dow Jones Industrial Average started trading at 38,827.10, up 2.3% from the previous day. The Standard & Poor's (S&P) 500 index opened 2.6% higher at 5,193.57, and the Nasdaq index began trading up 3.7% at 16,181.04.
President Trump announced that starting from the 5th, a basic tariff of 10% would be imposed on all imported goods coming into the U.S., and from the 9th, a 'reciprocal tariff' higher than this would be imposed on over 60 trading countries. In response, China has declared it would impose retaliatory tariffs at the same rate on U.S. products.
While tensions over the trade war seemed to escalate, Secretary of the Treasury Scott Vessenst hinted in a media interview that there remains room for negotiation with individual countries. In an interview with CNBC, Secretary Vessenst stated, "About 70 countries have requested tariff negotiations," adding, "If they come to the negotiation table with solid proposals, we could achieve a good transaction."