Both the S&P 500 (SPX) and the Nasdaq 100 (NDX) are powering higher on Wednesday amid easing U.S.-China trade tensions ahead of Nvidia’s (NVDA) highly anticipated earnings report after the market close.
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Trade QQQ with leverageU.S. Trade Representative Jamieson Greer said this morning that the import tariff rate on China will likely remain steady between 35% and 50%, despite President Trump signing a new 10% global tariff into effect. “We don’t intend to escalate beyond that,” he told Fox News. “We intend to really stick to the deal that we had before.”
Greer Signals Higher Tariffs as Tech Stocks Rally
Greer added that the White House is working on raising the global tariff rate to 15%, which, under Section 122 of the Trade Act of 1974, can remain in place for 150 days. An extension requires congressional approval.
Elsewhere, the tech sector is continuing to recover from a sharp selloff earlier this week. Microsoft (MSFT), Micron (MU), Palantir (PLTR), and Oracle (ORCL) are all up by at least 2% at the time of writing.