Donald Trump revels in 'great day' despite backing down on global tariffs for 90 days

Donald has claimed it was a "great day" despite backing down on global tariffs for 90 days after the went into disarray. The US president was forced to pause his tariffs on most nations at 10% as he faced volatile financial markets who had been pushing Trump to reconsider.

Despite climbing down from his position, he further increased the tax rate on imports to a staggering 125%. The S&P 500 stock index jumped 9.5% after the announcement. Trump took to Truth Social to revel in a "great day." He posted this morning: "What a day, but more great days coming!!!"

His comments come as stocks and bonds were sold off and voters were watching their retirement savings fall. The global economy were in open rebellion against Trump's tariffs as he admitted people were "getting a little queasy" as bond prices had fallen.

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But interest rates had increased in a vote of no confidence by investors. Trump later told reporters that he pulled back on many global tariffs — but not on — because people were “yippy” and “afraid” due to the stock market declines.

He added that while he expected to reach deals, “nothing’s over yet.” “The bond market is very tricky,” Trump said. “I was watching it. But if you look at it now, it’s beautiful.”

Treasury Secretary Scott Bessent said that the negotiations with individual countries would be “bespoke,” meaning that the next 90 days would involve talks on a number of potential deals. Bessent, a former hedge fund manager, told reporters that the pause was because of other countries seeking talks rather than brutal selloffs in the financial markets, a statement later contradicted by the president.

"The only certainty we can provide is that the US is going to negotiate in good faith, and we assume that our allies will too,” Bessent said. The treasury secretary said he and Trump “had a long talk on Sunday, and this was his strategy all along” and that the president had “goaded China into a bad position.”

Commerce Secretary Howard Lutnick later seemed to contradict the president’s account by saying it was “definitively” not the markets that caused Trump to pause the tariffs, saying that requests by other nations to negotiate prompted the decision.

White House press secretary Karoline Leavitt said the climb down was part of Trump’s negotiating strategy.

She said the news media “clearly failed to see what President Trump is doing here. You tried to say that the rest of the would be moved closer to China, when in fact, we’ve seen the opposite effect. The entire world is calling the United States of America, not China, because they need our markets.”

Meanwhile, Downing Street said on Wednesday that the UK will "coolly and calmly" continue its negotiations after announced a 90-day tariff pause for most nations.

The US president said he would be delaying tariffs on most nations for 90 days while raising his tax rate on Chinese imports to 125%. The precise details were not immediately clear, but the US treasury secretary has said Mr Trump will keep his 10% baseline tariffs on most countries.

It is understood that this does not mean any immediate change for the UK. A No 10 spokeswoman said: "A trade war is in nobody's interests. We don't want any tariffs at all, so for jobs and livelihoods across the UK, we will coolly and calmly continue to negotiate in Britain's interests."

A Downing Street source said the development shows that "cool and calm can pay off" and that the way Sir "does business" is the "right approach".