Trump Announces 90-Day Tariff Pause, Excludes China

President Trump initially celebrated the implementation of sweeping tariffs on dozens of countries, claiming they would be 'legendary,' but abruptly announced a 90-day pause on reciprocal tariffs shortly after. The tariffs included a significant increase on Chinese imports, which now face a 125% tariff due to retaliatory measures from Beijing. Economist Arthur Laffer praised Trump's tariff strategy as skillful negotiation, noting that the markets responded positively to the pause, with a nearly 3,000-point surge in the Dow Jones Industrial Average. Despite the tariffs being framed as a way to protect domestic production, many experts warn they may lead to higher consumer prices as importers pass on costs. The European Union and China have already retaliated against U.S. goods, raising concerns about escalating trade tensions and potential inflation. This volatile situation has drawn criticism from various political figures, who fear it could harm the economy and the Republican Party's standing.