US fintechs rise as Trump announces 90-day tariff pause

Shares of U.S. fintech companies rise, reversing course after President Donald Trump authorized a 90-day pause, effective immediately, as part of his tariff plan

Upstart Holdings UPST.O up 22.1%, Affirm AFRM.O up 21%, Pagaya Technologies PGY.O and LendingClub LC.N rise 14.1%

Block XYZ.N climbs 13% and PayPal PYPL.O rises 9.6%

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

Trump's "reciprocal" tariffs on dozens of countries had taken effect on Wednesday, including massive 104% duties on Chinese goods

Analysts have said potential inflationary pressures from tariffs could weigh on consumer spending; market turmoil amid economic uncertainty could further dampen sentiment

Swedish fintech Klarna paused its plans for a U.S. IPO last Friday as investor and consumer sentiments continue to erode amid a tariff-induced global market rout