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Fac­ing a glob­al mar­ket melt­down, Pres­i­dent Don­ald Trump on Wednes­day abrupt­ly backed down on his tar­iffs on most na­tions for 90 days but raised his tax rate on Chi­nese im­ports to 125%.

The S&P 500 was up 7.8% in af­ter­noon trad­ing. It had been down ear­li­er in the morn­ing amid wor­ries about Trump’s trade war and whether it would cause a re­ces­sion, as econ­o­mists fear. But it spiked im­me­di­ate­ly af­ter Trump sent the so­cial me­dia post­ing that in­vestors have been wait­ing for. The Dow Jones In­dus­tri­al Av­er­age was up 2,476 points, or 6.6%, as of 1:35 p.m. East­ern time, and the Nas­daq com­pos­ite was 9% high­er.