• President Trump announced a 90-day reduction of tariffs to 10% on imports from most U.S. trade partners, aiming to create space for negotiations. The move came just hours after nearly 90 countries were hit with higher reciprocal tariffs. However, tensions with China escalated as Trump hiked tariffs on Chinese imports to 125%, retaliating after Beijing raised its own tariffs on U.S. goods to 84%.

• The tariff pause triggered a historic stock market rally. The S&P 500 soared 9.52%, its biggest one-day gain since 2008, while the Nasdaq spiked 12.16%—its second-best day ever. Trading volume hit a record high. Still, some analysts warn the rally may be short-lived, resembling past "dead-cat bounces" during turbulent times like the dot-com crash and 2008 financial crisis.