Trump’s trade war pivot: Relief for most, wrath for China

In an unexpected move, US President Donald Trump pleasantly surprised global markets on Wednesday with a major reversal on his tariff policy — announcing a 90-day pause on increased duties for most countries while unleashing a steep new 125% tariff on imports from China.

The about-face capped a wild week of financial turmoil and geopolitical uncertainty following Trump’s “Liberation Day” announcement of sweeping global tariffs. The new move — revealed via his Truth Social account — triggered a euphoric rally on Wall Street and major stock exchanges across Asia.