It has been a week that shook the world, literally.

This is how it all started, mostly last Wednesday.

In a few moments, I will sign a historic executive order instituting reciprocal tariffs on countries throughout the world.

And this is what happened pretty much immediately.

On Wall Street today, a second day of dramatic losses and high anxiety over Donald Trump's global trade war.

Last week's spill on Wall Street erased nearly $6 trillion from the market.

Recession forecasts growing.

J.P. Morgan now expecting the economy to contract under the weight of the tariffs

and that a recession will drive unemployment up to 5.3%.

The ripple effects of President Donald Trump's sweeping tariffs concerning for shoppers,

the cost of toys, phones, cars, all expected to spike.

The president of the European Commission said in a statement,

the global economy will massively suffer, adding that the consequences will be dire

for millions of people around the globe.

And then, just as abruptly as it began, on Wednesday afternoon, Trump decided to hit pause, sort of.

It's an extraordinary bit of governing by social media posts less than a day after these tariffs went into effect.

The president says he is pausing or substantially reducing most of them a 90-day pause

for most countries. Instead of a total reorientation of global trade, President Trump has decided

to impose smaller, universal 10% tariffs on every American trading partner except China.

The new rate that President Trump has added in tariffs against China so far this term is

145% on Chinese imports.

And China has stated it will impose an 84% tariff on all American exports.

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