Less than 24 hours after his new, high tariffs on dozens of US trading partners took effect, Donald Trump has announced a 90-day pause for all of them except for China. After Beijing announced retaliatory tariffs of 84% on US goods, Washington has hiked its levy to 125%. Meanwhile, the 10% baseline global tariff that went into effect on Saturday will remain in place. Wall Street stocks skyrocketed on the announcement, with the Nasdaq posting its best day since 2001, up 12%.