Shares of Carnival Corporation (CCL) surged 16.36% in intraday trading on Wednesday, as President Trump's announcement of a 90-day pause on reciprocal tariffs for all trading partners except China sparked a rally in leisure-focused stocks.

The cruise line giant's stock climbed to $18.90, marking a significant upturn amidst a broader rise in travel and leisure companies. The positive movement comes as investors anticipate improved consumer sentiment and potentially stronger demand for travel and leisure services following the tariff pause.

Other cruise operators also benefited from the news, with Norwegian Cruise Line seeing a similar 13% increase. The upward trend extended to casino and hotel stocks as well, with companies like Caesars Entertainment and MGM Resorts International both rising 10%.

This surge follows a period of uncertainty in the travel and leisure sector, where concerns over tariffs had previously dampened investor enthusiasm. The latest policy shift appears to have alleviated some of these worries, at least in the short term, leading to renewed optimism in the cruise and broader travel industry.