(fxcue news) - German stocks are up sharply on Thursday with investors going on a buying spree after U.S. President Donald Trump announced a 90-day suspension of reciprocal tariffs for most U.S. trade partners, except China, to facilitate renewed trade negotiations. The move by the U.S. President has renewed hopes that the eventual levies will be much less than what he had announced earlier. The benchmark DAX, which soared to 21,397.00 earlier in the session, gaining over 1,700 points in the process, was up 994.44 points or 5.06% at 20,674.10 a little while ago. Infineon is soaring nearly 12%. Adidas, Sartorius, Deutsche Bank, Zalando, MTU Aero Engines and SAP are gaining 8 to 11%. Heidelberg Materials is up more than 7%. BASF, Siemens Energy, Siemens Healthineers, Siemens, Fresenius Medical Care, Muench Rueckvers, Merck, Deutsche Post, Bayer, Allianz, Fresenius, Beiersdorf, Commerzbank, Henkel, Hannover Rueck, RWE, Deutsche Boerse, Vonovia and Symrise are up 3 to 6%. Auto and auto components stocks are up as well. Volkswagen is up 3.7% after announcing it has nearly doubled its all-electric vehicle (BEV) deliveries in Europe in the first quarter of 2025. Porsche, Continental, Mercedes-Benz and BMW are gaining 3 to 6%. European Commission President Ursula von der Leyen welcomed Trump's move and said the halt on reciprocal tariffs is "an important step towards stabilizing the global economy. Clear, predictable conditions are essential for trade and supply chains to function." ECB policymaker Francois Villeroy de Galhau emphasized today that Trump's policies in recent weeks have eroded confidence in the U.S. dollar and praised Europe's foresight in establishing its own independent monetary system 25 years ago.