US President Donald Trump’s unexpected decision Wednesday to pause most reciprocal tariffs for 90 days sparked a powerful stock market rally, dramatically boosting the fortunes of some of his closest allies in the tech and business world.
The sharp rebound came a week after a sweeping tariff announcement sent markets into a tailspin, erasing billions in global wealth.
While Trump excluded China from the tariff pause – raising duties on Chinese imports to 125% – his move calmed investor nerves and helped recover some of the earlier market losses.
On April 2, Trump announced new tariffs on US trading partners, causing one of the worst days in the stock market since the pandemic.
In just one day, the world’s 500 richest people lost a total of $208 billion. It was the fourth-biggest single-day loss in the Bloomberg Billionaires Index history. Tech leaders were hit the hardest – Elon Musk lost $11 billion as Tesla shares dropped, Mark Zuckerberg lost $17.9 billion with Meta falling 9%, and Jeff Bezos lost $15.9 billion as Amazon shares sank. The tech-heavy Nasdaq also dropped sharply.
On April 9, Trump announced a 90-day pause on all new tariffs except those targeting China. Markets reacted almost instantly:
S&P 500: Gained 9.5%
Nasdaq Composite: Surged 12% – its largest one-day gain in 24 years
Dow Jones Industrial Average: Climbed nearly 8%, topping 40,000 for the first time
Trump’s Truth Social post, timed just before the market opened, urging people to “buy it”, further fuelled buying sentiment.
The tariff pause turned a week of losses into one of the biggest personal wealth windfalls in years for Trump’s tech-world allies and advisors. Here’s how much they gained in just 24 hours:
Elon Musk
+ $35.9 billion
Tesla stock surged 22%
Mark Zuckerberg
+ $25.8 billion
Meta Platforms shares rebounded strongly
Recovered nearly all of his earlier losses
Jeff Bezos
+ $18.5 billion
Amazon stock rallied on strong e-commerce outlook amid easing trade fears
Larry Ellison
+ $15.5 billion
Oracle’s recovery driven by optimism in AI and cloud sectors
Donald Trump Himself
Trump Media’s stock soared 22.67%, boosting his 53% stake by $415 million
The gain, while smaller than his tech allies, was his most significant one-day increase since going public
Despite the partial recovery, the world’s ten richest individuals remained down by a combined $244.36 billion for the year as of April 9. Elon Musk, for instance, has experienced a year-to-date loss of $107 billion.
US ally Australia saw the S&P/ASX 200 (Australia’s main stock market) index jump 6.3%, adding over $150 billion in market value. The relief was partial, as Australia still faced a baseline 10% tariff on its exports to the US.
Globally, markets across Europe and Asia also surged, restoring some investor confidence. Still, analysts warned that volatility could persist due to unresolved tensions with China, which remained subject to steep 125% tariffs.
