Summary
- Trump announces 90-day freeze for dozens of countries
- Stunning reversal followed historic market turmoil
- But duties raised to 125% on Chinese imports
- Global stock markets rally in relief
U.S. President Donald Trump’s stunning decision to pause most of the hefty duties he had just imposed on dozens of countries brought relief for battered global stock markets on Thursday, even as he ratcheted up a trade war with China.
Trump’s turnabout on Wednesday, which came less than 24 hours after steep new tariffs kicked in on most trading partners, followed the most intense episode of financial market volatility since the early days of the COVID-19 pandemic.