Hello, and welcome to NewsHour Live from the BBC World Service in London.
I'm Rebecca Kesby.
Whether President Trump blinked,
did a U-turn or backtracked on his radical tariff policy when he announced his 90-day pause on reciprocal tariffs has been the talk of the day.
His supporters have been out in force, saying this was always the plan,
that it's all about negotiation and this is just more evidence that Mr Trump really is an expert in the art of the deal.
President Trump himself struck a reassuring tone in his cabinet meeting at the White House today.
He acknowledged that a period of difficult transition is inevitable but insisted that things would turn out well.
We think we're in very good shape.
We think we're doing very well.
Again, there'll be a transition cost and transition problems, but in the end it's going to be a beautiful thing.
We're doing again what we should have done.
Many years ago, we let it get out of control and we allowed some countries to get very big and very rich at our expense.
I'm not going to let that happen.
It's not a sustainable formula.
But there have been more losses on the stock markets today,
particularly in the states and the trade war with China has become even more intense.
The White House now says there will be a total tariff on China of 145%.
Let's get the latest from our business correspondent live in New York, Erin Delmore.
Erin, first let's start with those markets because after all the turbulence,