6 days ago
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Briefing|Trump Backed Down on Tariffs
https://www.nytimes.com/2025/04/09/briefing/trump-tariffs-brain-science-garden-tips.html
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Just hours after President Trump imposed steep tariffs on dozens of America’s trading partners, he reversed course. The president announced this afternoon that nearly all of his so-called reciprocal tariffs would be paused for 90 days.
The stock market reacted with glee, rebounding after a week of sharp declines. The S&P 500 ended the day up 9.5 percent, its largest daily increase since 2008. The tariffs, which Trump had raised to the highest level in a century, had caused economists to warn of recession risks.
Still, Trump made clear that he is not backing entirely away from the levies. He said that imports from China, which sharply retaliated today, will face an even higher 125 percent tariff, up from a 104 percent figure proposed yesterday. Other countries would face a universal 10 percent tariff — a meaningful fee, but far lower than the tariff that most of them had been subject to this morning.
White House officials repeatedly tried to suggest that today’s change in policy was a premeditated strategy designed to secure favorable deals. But Trump himself acknowledged that his decision was made in response to the market turmoil, particularly in the bond market. “You have to be flexible,” the president said. “Over the last few days, it looked pretty glum.”
To add to the uncertainty, the president said he might consider exempting some U.S. companies from the tariffs over the 90-day pause period. He said his thinking on the issue would be made “instinctively.”
Trump even used his social media network to encourage people to buy equities before the market surged.
