Good morning from the Financial Times, today is Thursday, April 10th, and this is your FT News Briefing.
Wall Street jumped for joy after the Trump administration backed off its trade war,
and the EU is looking to collaborate more with China.
Meanwhile, Apple is taking a harder look at its operations in India.
I'm Mark Filipino, and here's the news you need to start your day.
The Trump administration has called pause on some of its most aggressive tariffs.
We're going to go down to a 10% baseline tariff.
Treasury Secretary Scott Besant told reporters on Wednesday
that most of Trump's so-called reciprocal tariffs would be paused for 90 days.
That's to make time for countries to negotiate new trade deals with the White House.
We have just been overwhelmed by the response from mostly our allies who want to come and negotiate in good faith.
China, though, was singled out.
The country got hit with even higher tariffs, Besant said, because it retaliated.
They kept escalating and escalating, and now they have 125% tariffs that will be effective immediately.
Still, Trump's reversal, St. Wall Street stocks soaring, the S&P 500 surged around 9.5%.
That was the index's best day since 2008.
Apple had a big turnaround yesterday on the tariff news.
Its stock rose more than 15%.
But before Trump's reversal, the company had lost about $700 billion in market value in the past week.
It's been one of the hardest-hit businesses by the tariffs, and that's because its iPhone is largely built in China.