Wall Street rallies for second day on hopes of a de-escalation in trade tensions between world’s two largest economies.
President Trump has expressed plans to lower the 145% tariffs on Chinese goods, contingent on negotiations with Beijing. Wall Street responded positively, with the S&P 500 and Nasdaq experiencing gains as speculation arose about a potential reduction in tariffs by 50-60% and the possibility of a trade deal. Meanwhile, a lawsuit from 12 US states challenges Trump’s authority to impose such tariffs, claiming they are unconstitutional and economically harmful.
