Big Tech rises after Trump announces 90-day pause on tariffs excluding China

Shares of Big Tech companies rise after U.S. President Donald Trump says he would pause many of his new tariffs for 90 days effective immediately; excludes China

Trump posted on his Truth Social platform: "I have authorized a 90 day pause, and a substantially lowered reciprocal tariff during this period, of 10%, also effective immediately"

Trump said he would raise the tariff on Chinese imports to 125% from the 104% level that took effect at midnight

Alphabet's GOOGL.O shares rise 7.3% to $155.19, Apple AAPL.O rises 11.9% to $192.83

Amazon.com AMZN.O up 9.7% at $185.22, Microsoft MSFT.O rises 8.1% to $384.49

Shares of Meta Platforms META.O jump 8.1% to $551.47

Trump's surprise tariff pause announcement comes after public pressure from CEOs and investors

That includes JPMorgan Chase JPM.N CEO Jamie Dimon, who said earlier Wednesday a recession was looming

China had retaliated by announcing a tariff hike on U.S. imports to 84% from 34%