Trump puts some tariffs on ice after days of global mayhem—except for China, ‘based on the lack of respect’

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• Markets rebounded hard in the paint after days of global market carnage following President Trump’s announcement of a temporary freeze on some of the previously high tariffs his administration announced last week. Treasury Secretary Scott Bessent said 75 companies have approached the White House to negotiate and while Bessent said the U.S. is not in a “trade war,” China has “escalated.” During the time-out, a 10% universal tariff will be in effect, Trump wrote on Truth Social. 

President Trump Wednesday announced a 90-day pause on the steep reciprocal tariffs announced last week during the so-called “Liberation Day,” opting instead for a lower 10% universal tariff.