Trump Announces 90-Day Pause on Tariffs (Except China)

One week after Liberation Day, Trump announces a 90-day pause on the new reciprocal tariffs for most countries (reverted to 10% baseline) while trade negotiations proceed, citing market volatility and concerns from treasury bond markets. China is explicitly excluded and tariffs continue to escalate. The announcement triggers the largest single-day Dow Jones gain since 2020. Critics see the whipsaw as policy incoherence; supporters say it's strategic leverage.