On Wall Street, they partied like it was 1999 after US President Donald Trump announced a 90-day pause on Chinese tariffs. In Australia, the celebrations were much more restrained: the ASX 200 rose just 0.5 per cent on Tuesday, compared with the 3.6 per cent surge for the S&P 500.
The main reason for the muted reaction was that Australian stocks have run very hard, jumping 12.8 per cent from their recent trough on April 7; the ASX 200 is now 4.4 per cent above where it sat on April 2, before Trump announced his liberation day tariff announcement.
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