Relief for global markets after President Trump blinks on tariffs,
though for China, it's full steam ahead toward a trade war.
China comes into this pretty well-prepared psychologically.
They have thought about all the bits of leverage that they have,
so there is some pain that China can inflict on the U.S. reciprocally.
But beyond the tit-for-tat tariffs, there's so much that China can do.
Plus, the U.S. and Russia complete a prisoner swap,
and our Ukraine editor shares an exclusive glimpse into Ukrainian intelligence on the extent of Beijing's involvement in the war.
It's Thursday, April 10.
I'm Luke Vargas for The Wall Street Journal, and here is the AM edition of What's News,
the top headlines and business stories moving your world today.
Investors around the world are breathing a sigh of relief after President Trump announced a 90-day pause on so-called reciprocal tariffs yesterday,
in abrupt change in direction that followed what had been simultaneous declines in equities, bonds, and the dollar.
Journal markets editor Katie Barnardo says almost all international exchanges are rising today,
though there's also an undertone of skepticism.
Perhaps the biggest gainer among major indexes is in Japan.
The NK is up over 9%.
In South Korea, the KOSPI is up well over 6%.
We've got some big moves over in Europe as well.
The German DAX is up 6%.