News

Within moments of Donald Trump’s bombshell social media post backing off from his tariffs, allegations of wrongdoing were flying.

Chinese tea chain Chagee said on Thursday it was targeting a valuation of up to $5.1 billion in its U.S. initial public offering, braving choppy market conditions. Market volatility stemming from uncertainty over U.S. trade policy has tempered IPO activity as companies adopt a wait-and-see approach before proceeding. Shanghai-based Chagee is seeking up to $411 million by offering nearly 14.7 million American depositary shares priced between $26 and $28 each.

A number of stocks fell in the afternoon session after stocks gave back some of the gains from the previous day as the White House clarified the tariffs on imports from China would add up to 145%, while the baseline 10% tariffs remained in place for most countries. This reminded investors that the global trade environment remained volatile, limiting the potential for sustained market gains.

Apple shares tumbled Thursday, giving back some of their gains from a historic rally Wednesday when President Trump paused most of the tariffs announced last week.

The renewed selling came a day after the new levies took effect on most trading partners, rattling markets, and Trump then announced a 90-day pause on many of the reciprocal tariffs, while raising them further on Chinese imports. What’s going to happen next?

Major U.S. equities indexes tumbled midday Thursday, giving up some of Wednesday's gains after President Donald Trump said he would pause some tariffs for 90 days.

The usual relationship between stocks and bonds—bonds go up when stocks go down—broke down this week amid tariff uncertainty, leaving some investors wondering what caused the tumult.