Three and a half hours later, Monday’s rumour became Wednesday’s news. Trump was pausing the harshest tariffs on most countries, though crucially not China. Stocks soared in a matter of minutes. The S&P 500 rose more than 9 per cent, delivering a $US4.3 trillion ($7 trillion) windfall.
When David Wagner, portfolio manager at Aptus Capital Advisors, saw the post earlier Wednesday he didn’t believe it was real at first.
“Does that break the rules? I don’t know, not that Trump follows any set of rules,” Wagner said, adding that it shifts the rules of engagement in the market. “Obviously now you’re going to look to Trump for any kind of sign.”
The memory of Trump saying something similar in his first term is “something we probably should not have forgotten about. He does things like that,” said Wagner.
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