Dow Jones surges 3000 points, marking record daily profit, as NASDAQ rallies 12%

US stock indices spiked and achieved historic gains after US President Donald Trump calmed the markets somewhat on the trade war. 

US President Donald Trump escalated the devastating trade war with China by announcing 125% tariffs on Chinese products.

The tariffs will be immediate and are a response to China's disrespect to global markets as Trump described it.

Simultaneously, Trump announced a 90-day hold on tariffs for most other countries .

The Chinese government announced fresh retaliatory 84% tariffs on US products, deepening the trade war.

Separately, the Federal Open Market Committee’s meeting minutes showed all members  unanimously voted in favor of maintaining interest rates unchanged in March.

The minutes showed concerns about weaker growth due to higher tariffs, but increased spending in some economies reduced such concerns. 

Policymakers believe that high inflation could be more resistant than expected, with mounting market uncertainty due to weaker consumer spending and high tariffs.

On trading, Dow Jones closed up 7.9%, or 2963 points to 40,698 points, achieving its biggest daily profit ever.

S&P 500 rallied 9.5%, or 474 points to 5457 points.

NASDAQ spiked 12.2%, or 1857 points to 17,125  points, its biggest daily profit since 2008.