US stocks tumbled today after the White House clarified that its tariff on all Chinese goods was at least 145% — even higher than previously believed. This comes a day after US stocks skyrocketed following President Donald Trump’s announcement of a 90-day pause on all “reciprocal” tariffs, except for China. Beijing, meanwhile, implemented its own retaliatory tariffs of 84% on US goods.
Trump said his team is “working on deals” with multiple countries as he defended his tariff policy in a Cabinet meeting today. He conceded, however, that there may be “transition problems” after the tariff pause. Even after Trump’s U-turn, economists have warned the damage is done. (CNN)