He said in a social media post that he is pausing his so-called “reciprocal tariffs” on many other trading partners because they had responded by reaching out for talks rather than retaliating and blamed China for “lack of respect”.

Meanwhile, US stocks surged to one of their biggest gains since World War II after Trump paused his tariffs against most other nations. The S&P 500 soared 9.5%, while Dow Jones Industrial Average flew nearly 3,000 points higher, and the Nasdaq composite jumped 12.2%.

Trump Tariff’s | Key Points

• Donald Trump announced sweeping reciprocal tariffs on countries across the globe last week, with levies ranging from 10 per cent to 49 per cent. His move rattled global markets and sparked the start of a massive tariff and trade war.
• Trump’s 26 per cent tariff on India came into effect on Wednesday, with authorities in New Delhi assessing the impact of the US levies.
• The trade war between China and the US has triggered fears among people as the two have hit each other with additional and retaliatory tariffs. After Trump’s announcement, China first hit the US with a 34 per cent levy, prompting America to impose a 104 per cent additional tariff on Beijing. This has resulted in China increasing the 34 per cent retaliatory tariff to 84 per cent.
• The European Union has also announced the approval of tariffs to hit around $23.2 billion of US goods in response to the 25 per cent duties on its steel and aluminium exports.
• As China and EU struck US with tariffs, the stock market showed a mixed reaction. However, Donald Trump took to Truth Social and asked them to be calm. He also told Americans that “THIS IS A GREAT TIME TO BUY!”
• Earlier in the day, President Trump claimed that world leaders were “dying to make a deal” with the US and would do anything to secure a pact on tariffs. He said they are saying, “Please, please, sir, make a deal. I’ll do anything sir.”