New York, Apr 9 (AP) US stocks are flying higher after President Donald Trump announced a drop in some of his tariffs, except for China.

The S&P 500 was up 5.7 per cent after erasing an earlier loss of 0.7 per cent. The Dow Jones Industrial Average soared 2,000 points, or 5 per cent, and the Nasdaq composite was up 6.8 per cent.

Also Read | Trump's Tariff War: Piyush Goyal Asks Exporters Not To Panic; 'India Working Out Right Mix of Trade Agreement With US'.

Investors have been desperate for Trump to ease up on his tariffs, which economists say could cause a global recession and increase inflation. But Trump also said that he's raising tariffs on China, the world's second-largest economy. (AP)

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