Hi, everyone.

It's 4 o'clock in New York.

That was fast.

Mere hours after Donald Trump's tariffs took effect on nearly every country on the planet,

even islands populated only by penguins.

At midnight, Donald Trump did a near total 180, just over

13 hours after that, announcing this afternoon that he's implementing a 90-day freeze on the so-called

reciprocal tariffs, leaving only a baseline 10% tariff in place. Trump also firing off a new round of retaliatory tariffs on China after the Chinese government

imposed new tariffs on American products.

The markets today soared on this news of a pause on most tariffs.

The Dow up 2,900 points, more than 7.5%.

That rally took off after the announcement from Donald Trump,

showing once again that the current economic panic and crisis is driven by one man and one man only.

Team Trump claiming that this is not about the trillions in wealth that have been wiped out in the markets by the Trump administration.

Treasury Secretary Scott Besant claiming that 75 countries asking for a deal and that that amounts

to a, quote, processing problem, whatever that is supposed to mean.

One Democrat asked, why should anyone trust us?

How can any country trust the U.S. enough to make a trade deal, given that Trump has thrown out existing trade deals like Australia or South Korea or even USMCA, which he negotiated and Congress enacted, how are people going to trust us when arbitrarily these

deals are being thrown out? No answer at this point to that question. For American households,

though, price pressures remain very much in place and not going in the right direction. Chinese

goods will be taxed at a whopping

rate of 125%. And given that the U.S. imports more than $400 billion a year just from China,

...