Trump spoke to reporters from the Oval Office about his decision, saying it was an “amazing day.” When asked if prices would rise as a result of the tariffs, he said that they “could go up somewhat” at first, but then “prices will also go down.”

The Nasdaq 100 – as broadly followed by the Invesco QQQ Trust QQQ – soared 1.3%. The dollar tumbled 0.8%, recording its worst day since Jan. 20, while gold traded at $2,930 per ounce, heading towards the highest daily close ever.

President Trump Friday dramatically expanded his plans for a global trade war, confirming that he will impose tariffs on Canada, Mexico and China on Feb. 1.