US asset managers rise as Trump announces 90-day reciprocal tariffs pause

Shares of U.S. asset managers rise, reversing course after President Donald Trump said on Wednesday he authorized a 90-day pause on "reciprocal tariffs," effective immediately

KKR KKR.N up 11.4%, Apollo APO.N up 11%, Janus Henderson JHG.N up 9.2%, Blackstone BX.N up 8.9%

Invesco IVZ.N and Franklin Resources BEN.N up 7.6% each, AllianceBernstein AB.N up 7.3%, BlackRock BLK.N and Icahn Enterprises IEP.O up 7% each

Charles Schwab SCHW.N up 5.6%

Trump also raised the tariff rate for China to 125%, after China said it would impose 84% tariffs on U.S. goods from Thursday, up from the 34% previously announced

Asset managers could see a drop in fees, which are often tied to the value of assets under management, if trade war fears, economic uncertainty and inflationary pressures from tariffs cause an elongated downturn in the markets