Why did Trump retreat on tariffs and is the market reaction justified?

The president’s pausing of some tariffs has sent shares soaring but levies on imports remain at the highest level since the 1930s

EU suspends retaliatory 25% tariffs on US goods after Trump U-turn

‘We want to give negotiations a chance,’ says Ursula von der Leyen in announcement of 90-day pause

US president posted it was ‘a great time to buy’ on social media just hours before pausing tariff impositions

China’s 84% tariffs on US products come into force amid market relief after Trump pauses steep tariffs elsewhere

Former PM says it is also the moment for the UK to go even further in renewing ties with the EU

We examine potential consequences of US president’s market chaos, which could reach every corner of global finance and economy

Trump claims ‘China wants to make a deal’ after raising tariffs to 125%, while 90-day pause for most countries sparks market surge

US Treasury secretary indicates openness to trade agreements after stock markets fall further in Europe

Bloc says it ‘considers US tariffs unjustified and damaging, causing economic harm to both sides’

Levies have heaped pressure on government finances and increased chance of ‘further sharp correction’, report warns

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Nirmala Sitharaman says turmoil forcing countries to seek accords beyond old ideological and political ties

The move has sent shock waves through a region of US strategic importance that had respected Trump as tough on Beijing

Chinese foreign ministry calls comments by US vice-president ‘ignorant and disrespectful’

Beijing accuses US of blackmail and adding a ‘mistake on top of a mistake’ as Wednesday deadline for latest levies looms