US stock futures dip after sharp rally

Wall Street's main indexes fell ‘Thursday, coming off a blistering rally following US President Donald Trump's move to temporarily lower the heavy tariffs on dozens of countries.

- REUTERS

The U-turn came less than 24 hours after the new tariffs took effect on most trading partners, lifting the S&P 500 to its biggest single-day percentage gain since 2008 Wednesday. The Nasdaq posted its biggest one-day jump since 2001.

Trump also announced a 90-day pause on many of his new reciprocal tariffs, but raised them to 125% on Chinese imports from 104%. Beijing had slapped 84% tariffs on US imports to match Trump's earlier levy.

The European Union said it had agreed on a 90-day pause on counter tariffs on US goods, which were due April 15.