Donald Trump has partially walked back on his so-called “liberation day” tariffs on nearly all US imports after fears mounted that the move would result in a global recession and much higher borrowing costs for the US government.
On Wednesday, April 9, a mere 13 hours after his higher rate of “reciprocal tariffs” had come into effect, Trump announced they would be paused for 90 days.
“I thought that people were jumping a little bit out of line, they were getting yippy, you know … a little bit afraid,” Trump said to reporters outside the White House. Markets soared immediately upon hearing the news.
