Producers of metals and other raw materials rose amid hopes the 90-day tariff reprieve would also be a reprieve for the global economic expansion.
"China's 30% overall tariff rate is still high enough to keep overall tariff rates in the low teens which is where consensus was roughly anyway, suggesting the market's excitement may be a bit overdone," said Jeff Buchbinder, chief equity strategist at brokerage LPL Financial.
Gold futures, among the few investments positively affected by the trade war, lost more than 3%.
The U.S. collected $7.6 billion more in customs duties in April than it did in March, the Treasury said Monday, as revenue from tariffs on imported goods sharply ramped up. Gross customs duties collected in April reached a monthly record of $16.3 billion.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
May 12, 2025 17:19 ET (21:19 GMT)
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