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This has been a tumultuous week on global markets, triggered by US President Trump’s shock tariff policy. The upheaval erased trillions of dollars from stock markets and led to an unsettling surge in US government bond yields that appeared to catch the president’s attention.
Trump has now announced a 90-day pause on the proposed reciprocal tariffs for most countries, except <a href="https://www.theguardian.com/world/china" data-link-name="in body link" data-component="auto-linked-tag">China</a>, whose tariffs he raised to 125% on Wednesday.
In response to this shocking backtrack, President Trump stated: “I thought that people were jumping a little out of line” and “getting a little bit afraid”.
If you are just getting up to speed, here is the latest on <a href="https://www.theguardian.com/us-news/trump-tariffs" data-link-name="in body link" data-component="auto-linked-tag">Trump tariffs</a>.
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<strong>Global markets surged after Trump announced his 90-day tariff pause.</strong> The S&amp;P 500 surged 5.6%, while the Nasdaq has jumped over 8%. According to Trump’s <a href="https://www.theguardian.com/business/live/2025/apr/09/stock-share-markets-us-china-trade-trump-tariffs-business-news-live-updates?page=with%3Ablock-67f6aebd8f08ecc65185a181#block-67f6aebd8f08ecc65185a181" data-link-name="in body link">Truth Social statement</a>, he has decided to back down on tariffs for most countries for the next 90 days, applying instead a 10% tariff.
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<li><strong>However, Trump’s pause does not apply to China, which has announced new tariffs of 84% on imports of all US goods, up from the 34% previously announced, hours after US tariffs on Chinese products went up to a staggering 104%.</strong> China’s retaliation sent stock markets falling further with major indices down in the UK, Germany, France and Spain.</p></li>
<li><p><strong>China’s 84% tariffs on US imports will come into effect at 12.01pm on Thursday</strong> according to Chinese state news agency, Xinhua.</p></li>
<li><p><strong>At the White House, US Treasury Secretary Scott Bessent also mentioned that this has been Donald Trump’s strategy all along.</strong> He added: “His strategy all along has been to goad China into a bad position, and, in response to our tariffs, they’ve done it.”</p></li>
<li><p><strong>Ngozi Okonjo-Iweala, the WTO chief, warned that the US-China tariff war could reduce trade in goods between the two countries by 80%, impacting the global market substantially.</strong></p></li>
<li><p><strong>The EU has announced 25% tariffs on a range of US imports to counter the measures imposed by the US.</strong></p></li>
<li><p><strong><strong>Trump’s 90-day pause on tariffs may not exempt the 25% tariff on cars,</strong> Ireland’s deputy prime minister revealed after a face-to-face meeting with US commerce secretary Howard Lutnick.</strong> Shaw andಃ won't do it. </います>(Simon Harris, depicting what won't happen)</p></li>
<li><p><strong>Trump has targeted the pharmaceutical companies, revealing an idea to increase tariffs on them in the future.</strong></p></li>
<li><strong>US markets recovered later on the day after Secretary of Treasury indicated openness for trade agreements with allies, including China. In his first public comments since China’s 84% tariff announcement, President Trump encouraged his citizens to stay calm. During a dinner, he boasted about countries' willingness to negotiate tariffs with him. </strong></li>
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<p>Stock markets soared after Donald Trump suspended plans to raise <a href="https://www.theguardian.com/us-news/trump-tariffs" data-link-name="in body link">tariffs</a> on most countries except China, implementing a 90-day pause and stepping back from his global trade war that had been ongoing for days and causing market turmoil and recession warnings.
On Wall Street, the benchmark S&amp;P 500 surged by 9.5% - its largest single-day jump since 2008.
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After insisting for days that he would stand firm on his aggressive trade policy, Trump announced that all countries that had not retaliated against US tariffs would be exempt, and would only face a blanket tariff of 10% - until July.
The President, when asked to explain the reasoning behind the pause, commented: “People were getting a little yippy.”
While Beijing is planning to impose an 84% tariff on US goods beginning tomorrow, Trump announced that he would increase US tariffs on Chinese exports to 125% immediately.
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