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He announced a 90-day pause for all countries except China. But what led the US president to change his mind? Was it the rapid rise in government bond yields or the rising criticism from billionaires ...

After days of global market turmoil, stocks on Wall Street and across Asia saw huge surges in reaction to Mr Trump’s announcement that he was halting a levy hike for almost all nations for 90 days.

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In contrast, he declared a 90-day pause on reciprocal tariffs for over 75 other countries that haven’t retaliated, during which a reduced 10% tariff will apply.

Since then, the stock market has surged. In a post on Truth Social around 1:20 p.m. ET, Trump announced, "I have authorized a 90 day PAUSE, and a substantially lowered Reciprocal Tariff during ...

President Trump said in a social media post that he had authorized a 90-day pause on certain tariffs to most countries. Photo: Saul Loeb/AFP/Getty Images President Trump said he has authorized a ...