US stocks jump as trading partners rush to negotiate with Trump on tariffs

US stocks jumped Tuesday morning after a massive, multi-day rout as nations overseas rushed to negotiate with President Trump on his stiff series of “reciprocal” tariffs.The Dow Jones Industrial Average jumped 1,238 points, or 3.2%, after losing more than 3,500 points since Wednesday as investors panicked over Trump’s “Liberation Day” taxes, which economists have warned could reheat inflation and even trigger a recession.The S&P 500 rose 3.3% and Nasdaq 100 futures jumped 3.6% following reports of negotiations across multiple countries and possible concessions from major trade partners.Wall Street took a wild ride after Trump unveiled his most expansive batch of tariffs yet, including a 10% baseline tax on all imports that took hold over the weekend and much harsher rates on many nations set to take effect Wednesday.Economists warned the tariffs could reheat inflation, as many producers will likely pass along at least some of the import tax to consumers. JPMorgan and Goldman Sachs hiked their odds of a recession, to 60% and 45%, respectively, as stocks cratered and suffered their worst losses since the COVID-19 pandemic.Markets took a beating Monday morning after the president over the weekend signaled his tariffs wouldn’t be revoked anytime soon — but news of trade talks with several countries once again fueled hopes on Tuesday that the hefty tariffs could be negotiated lower.Trump, in a Truth Social post on Monday afternoon, revealed he spoke with Japanese Prime Minister Shigeru Ishiba that morning.Treasury Secretary Scott Bessent later said Trump asked him and the US trade representative to “open negotiations” with Ishiba and his cabinet, and that he was tasked with leading trade talks with Japan — which is facing a 24% “Liberation Day” levy.“Japan remains among America’s closest allies, and I look forward to our upcoming productive engagement regarding tariffs, non-tariff trade barriers, currency issues, and government subsidies,...