You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources , and more. Learn More It's a great day on the S&P/ASX 200 Index (ASX: XJO) today. At the time of writing, the benchmark Aussie index is up 1.6% at 7,939.1 points. ASX 200 uranium stock Paladin Energy Ltd (ASX: PDN) is leading the charge, with shares up 21.6% following this morning's strong quarterly production update. As for the biggest company on the ASX, Commonwealth Bank of Australia (ASX: CBA) shares broke into new all-time high territory in earlier trade today at $243.64 each. Shares have since given back those gains to be down 0.8% at the time of writing. Meanwhile, the BHP Group Ltd (ASX: BHP) share price is up 3.0%, while shares in biotech giant CSL Ltd (ASX: CSL) are up 1.9%. So, why is the ASX having such a stellar run today? What's boosting the ASX 200 on Wednesday? On the domestic front, the benchmark index is getting a boost from a few strong outperformers today, including Paladin Energy and Telix Pharmaceuticals Ltd (ASX: TLX), with Telix shares up 9.2% at the time of writing. But, once again, a lot of today's big moves on the ASX 200 come thanks to United States President Donald Trump. As you're likely aware, Trump's often shifting global tariff campaign and war of words with US Federal Reserve chairman Jerome Powell have alternately battered and then lifted global stock markets. And today is no different. The ASX 200 is following the lead of US markets, where the Nasdaq Composite Index (NASDAQ: .IXIC) closed up 2.7% overnight while the S&P 500 Index (SP: .INX) ended the day up 2.5%. Elon Musk's Tesla Inc (NASDAQ: TSLA) regained some lost ground, closing up 4.6%, and shares in generative AI chip maker Nvidia Corporation (NASDAQ: NVDA) gained 2.1%. Investors celebrate as Trump tones down rhetoric Just as Trump can tank global stock markets and the ASX 200 with a few hardline words, he can also lift those markets back up with a little backpedalling. The sizeable rally in US and Aussie stocks followed Trump's announcement that he did not intend to fire Powell, as previously hinted, and that he was willing to negotiate far lower tariff levels in trade talks with China. Commenting on Trump's softer tone on Powell, Mark Hackett, chief market strategist at Nationwide, said (quoted by Bloomberg): This is very good news from a markets perspective because the alternative was really, really painful. It would be challenged, it would be ugly, the market would lose confidence. We need the Fed to have the appearance of impartiality. On the China trade war front, investor sentiment was buoyed by comments from US Treasury Secretary Scott Bessent. Bessent said the 145% tariffs the US had imposed on Chinese imports and the 125% reciprocal tariffs China imposed on US imports were not sustainable. Trump appeared to agree, saying the US would "be very good to China". With another strong day of gains, the ASX 200 is now up 8.2% from its recent lows on 2 April. The index remains down 7.2% from the all-time closing highs posted on 14 February.