The stock market surged on Wednesday afternoon, after President Donald Trump announced he was suspending tariffs on international trade for 90 days.

The president announced he was pausing tariffs on dozens of countries, except for China, which will see a 125% tariff. Trump says he made the decision to pause tariffs after more than 75 countries have called to "negotiate a solution."

The Dow Jones Industrial Average saw a steep increase of 2,861 points (7.4%) after the announcement, while the S&P 500 saw its largest single-day boost in five years, with a 9% gain. The Nasdaq has reported an 11% boost, according to CNBC. 

The numbers come after the stock market dropped drastically last week, following Trump's announcement of the tariffs. 

Misty Severi is a news reporter for Just The News. You can follow her on X for more coverage.