MUMBAI: The US market jumped on President Donald Trump's move to freeze import tariffs imposed on other countries. The indices saw their biggest daily gain since 2008 yesterday. Trump exempted China from the exemption and raised the tariff to 125 percent.

The Dow Jones index closed 2962 points (7.8 percent) higher. This was the Dow's biggest daily gain since March 2020. The S&P 500 recorded its biggest gain since 2008 with a gain of 9.52 percent. The Nasdaq index rose 12.16 percent. Bitcoin rose 5.4 percent. Asian markets opened trading on Thursday with gains, following the gains on Wall Street.

Meantime, the trade war between China and the United States is intensifying. The Trump administration, which had frozen import tariffs imposed on other countries for 90 days, did not give China any relief. Instead, it increased China's import tariffs to 125 percent. The base tariff for other countries other than China will be 10 percent. The additional tariffs have been frozen for 90 days. This was announced by White House Press Secretary Carolyn Leavitt. China had increased import tariffs on American products from 34 percent to 84 percent yesterday. Following this, the US increased import tariffs against China to 125 percent.