The stock market surged on Wednesday afternoon, with the Dow Jones Industrial Average closing with a 2,900-point gain, 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 closed with a steep increase of 2,962.86 points (7.87%) after the announcement, while the S&P 500 saw its largest single-day boost since 2008, with a 9.5% gain. The Nasdaq also reported its largest gain since 2001, closing with a 12.16% increase, according to CNBC. 

The numbers come after the stock market dropped drastically last week, after Trump initially announced the tariffs.

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