Dow Drops 1000 Points After Historic Rally On Tariff Pause: White House Says It's Close To Trade Deals With 15 Countries

The Dow Jones index shed over 2% in Thursday’s late morning trading session following a historic rally on Wednesday after President Donald Trump’s tariff pause announcement.

Since the markets opened on Thursday, the benchmark index has fallen more than 1,060 points before recouping some of the losses as traders evaluate the future course of action regarding the Trump administration’s tariff action.

Earlier in the day, the White House announced it is close to trade deals with 15 countries.

White House economic advisor Kevin Hassett said the U.S. Trade Representative’s office has informed the administration that it has received explicit offers from these trade partners.

"USTR has informed us that there are maybe 15 countries now that have made explicit offers that we're studying and considering and deciding whether they're good enough to present the president," Hassett told reporters at the White House, according to a Reuters report.

Hassett also clarified that these numbers are distinct from the countries that have contacted the Trump administration about tariff negotiations.

President Trump said on Wednesday that 75 countries have reached out to the U.S. to discuss tariffs, as he announced a 90-day pause while hiking levies on China to 125%, citing the country’s retaliatory stance.

At the time of writing, the SPDR S&P 500 ETF Trust (SPY), which tracks the S&P 500 index, was down nearly 3%.

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