Wharton's Jeremy Siegel says a rattled consumer and huge China tariffs mean stocks aren't out of the woods

Steve Marcus/Reuters

• The S&P 500 surged nearly 10% on Wednesday after Trump delayed tariffs, but stocks are still challenged.
• Trump's tariff threats have rattled investors as well as consumers, says Jeremy Siegel.
• Tariffs on China are still high, keeping the average US tariff rate elevated.

The stock market exploded higher on Wednesday, with the S&P 500 rising nearly 10% after President Donald Trump delayed tariffs for 90 days for most countries.