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U.S. stocks are surging on a euphoric Wall Street Wednesday after U.S. President Donald Trump said he would temporarily back off on some of his tariffs, as investors had desperately hoped he would.
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Oil prices slumped to a four-year low Wednesday in anticipation of slowing economic growth and reduced energy demand, both casualties of a trade war that began after U.S. President Donald Trump ordered widespread tariffs against the imports of U.S. trading partners.
Stock markets in Canada and the U.S. soared after U.S. President Donald Trump backed down on his tariffs on most nations for 90 days, but he further raised his tax rate on Chinese imports.
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