An explosive rally for stocks after news president Trump is pausing reciprocal tariffs on countries that did not retaliate, but holding them at that baseline of 10%. China, the exception there.

The Dow up nearly 3,000 points. S&P up 9.5 half percent NASDAQ up 12 welcome to closing

bell overtime I'm John Fort Morgan Brennan is on assignment and we've got a

great lineup to navigate this historic market move after some historic

market moves and what comes next for your money we've got Dan Niles fund

strats Tom Lee John Kudunis from Columos,

and former Kansas City Fed President Thomas Honig, to name a few. We begin with the breaking

news from the White House on the tariff pause that sparked this amazing rally. Amen Jabbers

joins us with the latest. Damon? Yeah, John, that's right. And we're getting just within the

past couple of seconds, our first details in writing here in terms of what the president has announced.

A couple of bullet points sent to reporters on background here from the White House. They are saying

that the reciprocal tariffs are paused for 90 days except on China, as we knew, whose tariff rate has been increased to a total of 125%.

The baseline tariff of 10% that went into effect on April 5th remains in place for everyone.

Section 232 tariffs on steel, aluminum autos, and et cetera, those remain unchanged.

They're saying sectoral carve-outs in the reciprocal and

baseline tariffs also unchanged. This is important in terms of the impact on the EU. They're

saying because the EU retaliatory tariffs have not gone into effect yet, the EU's reciprocal

tariff rate of 20% is also being paused.

So the EU is now only being tariffed at the 10% baseline that went into place on April 5th.

That had been a point of confusion over the past hour or so.

Fentanyl tariffs on Canada and Mexico, they say, remain unchanged.

USMCA trade is tariff-free, non-USMCA trade is

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