In a dramatic about-face, U.S. President Donald Trump on Wednesday announced a 90-day pause on newly implemented tariffs for dozens of countries — a move that eased market turmoil but further escalated tensions with China.
The sudden shift came less than 24 hours after Trump’s sweeping tariffs took effect, sparking a days-long market selloff that wiped out trillions in global value. The S&P 500 surged 9.5% on the news, recovering ground after dipping below 5,000 for the first time in nearly a year.
While duties for most trading partners have been frozen, a 10% blanket tariff on all U.S. imports remains in effect. Canada and Mexico are still subject to 25% fentanyl-related levies unless their goods comply with USMCA rules of origin.
China, meanwhile, faces even steeper pressure. Trump announced the tariff on Chinese goods will rise to 125% — up from the 104% that came into force on April 2 — citing Beijing’s failure to back down and accusing it of currency manipulation.
“I thought people were jumping a little out of line,” Trump told reporters, hinting that the near-panic in markets influenced his decision. Treasury Secretary Scott Bessent framed the move as a planned strategy to pressure countries into talks.
“This was his strategy all along,” Bessent said. “And you might even say that he goaded China into a bad position.”
Still, businesses remain wary. Despite the market rally, Goldman Sachs lowered its recession forecast only slightly — from 65% to 45% — and warned of a 15% hike in overall tariff exposure.
Diplomatic efforts are underway, with U.S. negotiators now prioritising allies like South Korea, Japan and Vietnam. Talks may also touch on foreign aid and military ties.
But China, the U.S.'s second-largest import source, is not high on the list. “They want to make a deal,” Trump said. “They just don’t know how to go about it.”
For now, uncertainty lingers. Trump’s repeated reversals — this time following the steepest four-day market drop since early COVID — have left global capitals guessing.
Said Daniel Russel of the Asia Society: “Other countries will welcome the 90-day stay of execution — if it lasts. But the whiplash from constant zigzags creates more of the uncertainty that businesses and governments hate.”
The President of the United States, Donald Trump, has sent a congratulatory letter to President Ilham Aliyev.
President Ilham Aliyev, speaking at the “Facing the New World Order” forum at ADA University, said Armenia was frustrated by President Trump’s election victory and warned that until Yerevan fully renounces territorial claims, the risk of renewed conflict remains.
In response to the recent imposition of substantial U.S tariffs on Chinese imports, several American companies are actively relocating their manufacturing operations to mitigate financial risks and maintain competitive pricing.
Global stock markets plummeted on Monday as tariff fears triggered panic among investors. With uncertainty over U.S. trade policies, futures markets priced in multiple interest rate cuts, heightening recession concerns. Major global indices saw sharp losses, while safe-haven assets surged.
President Donald Trump said a deal with TikTok's Chinese parent ByteDance to sell the short video app used by 170 million Americans would be struck before a deadline on Saturday.
Police in Berlin have shot dead a man accused of fatally stabbing a 29-year-old at an underground station.
Türkiye and Iraq have once again emphasized the importance of each other's political unity, sovereignty, and territorial integrity.This commitment was reaffirmed in a joint statement following the conclusion of the fifth meeting of the High-Level Security Mechanism held on Sunday in Antalya, Turkey.
Somalia launched its national voter registration campaign on Sunday in the capital, Mogadishu, marking a significant milestone as the country prepares for its first direct elections in nearly six decades.
Pope Francis made a brief appearance in St. Peter's Square on Sunday at the end of a Palm Sunday service, greeting the crowds from his wheelchair as he continues to recover from double pneumonia.
Azerbaijan and the Maldives have reaffirmed their commitment to strengthening bilateral relations through enhanced cooperation in trade, tourism, and international diplomacy, following high-level talks at the Antalya Diplomacy Forum.
Start your day informed with AnewZ Morning Brief: here are the top news stories for April 10th, covering the latest developments you need to know.
The death toll from the catastrophic roof collapse at a nightclub in Santo Domingo has risen to 98, with more than 160 people injured, according to Dominican authorities.
A quiet Thursday afternoon at St. Peter’s Basilica turned into something extraordinary, as visitors caught a rare glimpse of Pope Francis — not in his familiar white papal robes, but dressed in black trousers and a striped blanket.
In a dramatic about-face, U.S. President Donald Trump on Wednesday announced a 90-day pause on newly implemented tariffs for dozens of countries — a move that eased market turmoil but further escalated tensions with China.
The European Union will begin imposing retaliatory tariffs on U.S. products next week in response to President Donald Trump's sweeping trade measures, joining other global powers in escalating a trade conflict.
Police in Berlin have shot dead a man accused of fatally stabbing a 29-year-old at an underground station.
Somalia launched its national voter registration campaign on Sunday in the capital, Mogadishu, marking a significant milestone as the country prepares for its first direct elections in nearly six decades.
Pope Francis made a brief appearance in St. Peter's Square on Sunday at the end of a Palm Sunday service, greeting the crowds from his wheelchair as he continues to recover from double pneumonia.
The helicopter that crashed into New York City’s Hudson River on Thursday, killing six people including three children, had no flight recorders on board, US safety investigators revealed, raising concerns over the challenges of determining the cause of the tragedy.
Several regions in Ukraine faced heightened alert on Palm Sunday, as reports of explosions and missile threats drew public attention and official responses.
Police in Berlin have shot dead a man accused of fatally stabbing a 29-year-old at an underground station.
Türkiye and Iraq have once again emphasized the importance of each other's political unity, sovereignty, and territorial integrity.This commitment was reaffirmed in a joint statement following the conclusion of the fifth meeting of the High-Level Security Mechanism held on Sunday in Antalya, Turkey.
Somalia launched its national voter registration campaign on Sunday in the capital, Mogadishu, marking a significant milestone as the country prepares for its first direct elections in nearly six decades.
Pope Francis made a brief appearance in St. Peter's Square on Sunday at the end of a Palm Sunday service, greeting the crowds from his wheelchair as he continues to recover from double pneumonia.
Azerbaijan and the Maldives have reaffirmed their commitment to strengthening bilateral relations through enhanced cooperation in trade, tourism, and international diplomacy, following high-level talks at the Antalya Diplomacy Forum.
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