Big Tech and auto shares rose after the U.S. removed smartphones and other electronics from its tariffs on China over the weekend, and after President Donald Trump added new wrinkles into his vacillating trade policy on Monday by suggesting he might grant exemptions on auto-related levies already in place.
Trump's aggressive tariffs, which would have raised the rate consumers and businesses would have to pay for imported goods by roughly 25%, sparked a selloff in U.S. assets, including stocks, the dollar and Treasury bonds. The market rebounded on Monday, but the broad-market is still down about 8% so far this year.
The shifting stances caused investors to question the safe-haven status that America has long enjoyed and sapped both business and consumer confidence. The shock response forced the White House to backtrack, but Trump over the weekend insisted more levies were in store.
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