The Dow Jones Industrial Average surged 7.9% to 40,608.45 and the broad-based S&P 500 Index rallied 9.5% to 5,456.90.

The tech-focused Nasdaq Composite Index jumped 12.2% to 17,124.97.

All three indexes bounced Wednesday afternoon as Trump announced a 90-day pause in country-specific tariffs that came into place earlier that day, except levies on Chinese goods.

Affected US trading partners excluding China would instead face a 10% tariff rate, temporarily reverting to a level that took effect over the weekend, though that already roiled markets.

Trump singled out the world’s second biggest economy however, saying its tariff rate would be raised to a prohibitive 125% “based on the lack of respect that China has shown to the world’s markets.”

“When markets are pricing in worst-case scenarios, it doesn’t take much good news to turn that opinion around,” said Art Hogan of B. Riley Wealth Management.

He added that investors were waiting for any sense of a more reasonable trade process, saying this situation might “be less of a drag on economic activity and earnings.”

But he cautioned that “China will become hyper-aware of the fact that they’re now being isolated in this process.”