Trump launched a trade war during his first term, taking particular aim at China by putting taxes on most of its goods.

Trump has for weeks trumpeted April 2 as a "Liberation Day" that will see dramatic new duties that could upend the global trade system, with a White House Rose Garden announcement scheduled for 4 p.m.

Now, Trump’s 25 percent tariff blitz on many foreign auto imports, which is still in place even as he paused a broader set of so-called “reciprocal” tariffs for 90 days, is

In a stunning reversal, U.S. President Donald Trump said he would temporarily lower the hefty duties he had just imposed on dozens of countries while further ramping up pressure on China, sending global stocks rocketing higher.

China had raised its duty on American goods to 84% in tit-for-tat hikes that threaten to disrupt trade between the world’s two largest economies.

The ongoing turmoil in financial markets from the day the president declared “Liberation Day” finally generated enough pressure for at least a temporary pause.

The president said he would go ahead with auto tariffs industry officials say could decimate Michigan's signature industry, as well as other taxes.

US President Donald Trump's political allies reacted with relief after Wednesday's U-turn on tariffs, insisting it was part of a wider plan. Trump backed off imposing worldwide higher-rate tariffs, or taxes on imports.

President Donald Trump said Wednesday he was open to providing exemptions for certain U.S. companies hit especially hard by tariffs through no fault of their own. The president and Treasury Secretary Scott Bessent spoke to reporters Wednesday afternoon and were asked repeatedly about the effect their tariff moves have had on financial markets and whether they will let their recent declines affect future trade decisions.

President Donald Trump has launched tariff wars with nearly all of the United States’ trading partners. And there’s no end in sight.