Wall Street's roller-coaster ride swings higher after Trump pauses more of his tariffs

Wall Street is climbing Tuesday as the roller-coaster ride created by US President Donald Trump’s trade policies whips back upward, this time because of a temporary pause for tariffs on the European Union.

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The S&P 500 was 1% higher in its first trading since Trump said Sunday that the United States will delay a 50% tariff on goods coming from the European Union until July 9 from June 1.

The European Union's chief trade negotiator later said on Monday that he had “good calls” with Trump officials and the EU was “fully committed” to reaching a trade deal by July 9. The Dow Jones Industrial Average was up 297 points, or 0.7%, as of 9:35 a.m. Eastern time, and the Nasdaq composite was 1.3% higher. They're on track to more than recover their losses from Friday, when Wall Street's roller coaster dropped after Trump announced the tariffs on France, Germany and the other 25 countries represented by the European Union. Such talks give hopes that the United States can reach a deal with one of its largest trading partners that would keep the wheels of global commerce going and avoid a possible recession. Trump reached a similar pause on his stiff tariffs with China earlier this month, which unleashed an even bigger rally on Wall Street at the time.