President Donald Trump announced a three-month pause Wednesday on all the “reciprocal” tariffs that had gone into effect earlier that day at midnight.
It was a stunning reversal from a president who had insisted historically high tariffs were here to stay.
But enormous tariffs will remain on China, the world’s second-largest economy. In fact, Trump said they will be increased after China announced additional retaliatory tariffs against the United States.
Shortly after the announcement, Treasury Secretary Scott Bessent said Trump’s pause was part of “his strategy all along.” He also said that the president, who is looking to restore US manufacturing prowess and the balance of trade, had “great courage to stay the course until this moment.”
Stocks rallied sharply Wednesday after the pause was announced. Markets had been getting slammed by the prospect of the significantly higher tariffs Trump laid out last week.
But they tumbled again Thursday, falling deeply into the red after the White House clarified that its tariff on all Chinese goods was at least 145% — even higher than previously believed. Trump, during a Cabinet meeting on Thursday, acknowledged some “transition problems” could be expected.
Here are some of the stories that made headlines over the past week, as well as some photos that caught our eye.
Editor's note: This photo gallery contains disturbing images. Viewer discretion is advised.
