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S&P 500 falls 2% at open despite Trump’s tariff pause

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NBC News |
However, Trump said duties against China would now climb to a total of 125%, effective immediately.
Reuters |
"President Trump created maximum negotiating leverage for himself," Bessent told reporters.
Reuters |
Oil prices fell around 1% on Thursday as U.S. President Donald Trump ramped up a trade war with China, even as he announced a 90-day pause on tariffs aimed at other countries.

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Trump suddenly backs off major tariff plan after days of economic and market turmoil
The president put a 90-day pause on higher import duties for dozens of countries, but hiked levies on China to 125%.
Trump's tariffs: What tariffs have been imposed on major trading partners or paused?
Trump announced a 90-day pause and "substantially" lower reciprocal tariffs on all countries aside from China. Fox Business breaks down what tariffs were imposed since January.
Trump's Tariff Guide: Which Ones Are Still In Effect After 90-Day Pause?
Trump announced a 90-day pause on some tariffs, but many remain in place, while the U.S. tariffs on China will skyrocket.
Amid turmoil over tariffs, Bessent rises in Trump trade world
Minutes after President Donald Trump announced a 90-day pause on a tariff plan that triggered a stock market rout and global upheaval, U.S. Treasury Secretary Scott Bessent strode out of the White House to explain the abrupt turnabout.
How Trump tariffs kicked off days of nerve-racking stock market trading
President Donald Trump said Wednesday he will pause reciprocal tariffs for 90 days to more than 75 U.S. trading partners except for China, whose tariff rate he said will increase to 125%, effective immediately.
Stocks surge after 90-day pause announced for most countries
President Donald Trump announced a 90-day pause on all tariffs except for those against China, which he said would now rise to 125%.
Oil retreats after sharp rally as US-China trade war escalates
Oil prices retreated by more than 2% on Thursday as fears of a deepening U.S.-China trade war and a possible recession eclipsed earlier relief created by President Donald Trump's announcement of a 90-day pause on some tariffs against most countries.
From ‘Be Cool!’ to ‘Getting Yippy’: Inside Trump’s Reversal on Tariffs
Economic turmoil, particularly a rapid rise in government bond yields, caused President Trump to reverse course on the steep levies.
EU pauses countermeasures following Trump's tariff reprieve
Trump's turnabout, 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.

Canada, Trump and Mexico

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Pew Research Center |
There has been a notable increase since 2023 in the share of Americans who say that trade between the U.S. and Canada benefits Canada more than the U.S. Today, 26% of Americans say this, up from 14% ...
Reuters |
The U.S. tariffs on goods imported from Mexico and Canada will not be affected by the 90-day pause on tariffs announced by President Donald Trump on Wednesday, a White House official said.
The New York Times |
Trump paused his so-called reciprocal tariffs on every nation but China for 90 days.

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How Americans view trade between the U.S. and China, Canada and Mexico
Americans are most skeptical about U.S. trade with China: 10% say it benefits the U.S. more than China, while 46% take the opposite view.
Why Canada and Mexico are missing from Trump's tariff chart
Donald Trump's latest round of tariffs had two notable omissions: Mexico and Canada. But the two nations are still subject to preexisting tariffs.
After China, Canada hits back with tariffs as Trump's auto tariffs trigger global backlash
In a sharp escalation of global trade tensions, Canada has begun imposing a 25% tariff on select vehicle imports from the United States, joining China in retaliating against a new wave of protectionist measures introduced by President Donald Trump.
US tariffs on Mexico and Canada unaffected by 90-day pause, White House official says
The U.S. tariffs on goods imported from Mexico and Canada will not be affected by the 90-day pause on tariffs announced by President Donald Trump on Wednesday, a White House official said.
What are tariffs and why is Trump using them?
US President Donald Trump has announced sweeping tariffs on goods imported from the rest of the world. Trump claims that a 10% tariff on all nations and much higher rates of up to 104% on individual countries will boost the US economy and protect jobs.
Trump's tariffs: How much more Tennessee could be paying in prices as China trade war heats up
President Donald Trump is in a tit-for-tat with China over tariffs. If the trade war continues Tennesseans and the rest of America could soon see prices going up.
President Trump’s Retreat
When it comes to tariffs, President Trump is a creature of habit. He first rolls out new levies with bluster. He claims they will solve a major problem: They’ll help stop fentanyl trafficking across the Mexican and Canadian borders.
Nasdaq Soars to Best Day Since 2001 After Trump Pauses Some Tariffs
U.S. hits China with additional levies, puts others on hold as trade war shifts
Trump talks tariffs during executive order signing
Canadian Prime Minister Mark Carney said Wednesday that negotiations with President Trump on the U.S.-Canada economic and security relationships will start after the Canadian federal election. “The pause on reciprocal tariffs announced by President Trump is a welcome reprieve for the global economy,
The New York Times1d
Tracking Trump’s On-Again, Off-Again Tariffs and the Global Trade War
But Mr. Trump has also described tariffs as an all-purpose tool, forcing Canada, Mexico and China to crack down on the flow of drugs and migrants into the United States. The president also ...
The Economist4h
Can Mexico make hay after avoiding the reciprocal-tariff tantrum?
W hILE the tariffs announced on April 2nd were met with panic and consternation around the world, Mexico celebrated. Along with Canada, it was exempted from sweeping “reciprocal” tariffs imposed by the United States. President Claudia Sheinbaum hailed the escape as “good for the country”. The Mexican peso rose, as did the country’s stockmarket.
Retaliate or capitulate? How countries are responding to Trump's tariffs
Some countries, like China, have already set countermeasures to Trump's tariffs, while others are looking to negotiate exemptions.
How Mexico Emerged From Tariff Broadside With an Edge Over Asia
The country got hit in the early days of Trump’s trade war, but now it looks more attractive amid steep new levies on low-cost manufacturing rivals such as China and Vietnam.
Canada, Mexico not subject to new global rates as fentanyl tariff still in place
Mexico and Canada avoided fresh tariffs on Wednesday with President Donald Trump exempting the United States' top trading partners from his new 10% global tariff baseline, although previous duties remain in place.
Markets Soar After Trump Backs Down on Tariffs
The S&P 500 rose 9.5 percent after President Trump announced he would pause his “reciprocal” tariffs for 90 days, but economists warned that American importers were not out of danger.
US Tariffs on Mexico and Canada Unaffected by 90-Day Pause, White House Official Says
The U.S. tariffs on goods imported from Mexico and Canada will not be affected by the 90-day pause on tariffs announced by President Donald Trump on Wednesday, a White House official said. The United States' 25% tariff on goods it imports from Mexico and Canada that are not covered under the region's USMCA trade pact remains in effect,
Trump's tariff turnaround: From the Politics Desk
Plus, a Texas-sized GOP primary battle kicks off. And a preview of the upcoming nuclear talks between U.S. and Iran.
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