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President Trump didn’t admit it, but tonight the self-proclaimed deal maker blinked in the face of the global financial meltdown his tariffs created.
What went wrong in the 7 days since ‘Liberation Day’?
It was the bond markets that beat him when traders started to question America’s ability to honour its debts, forcing him to pause higher tariffs on most of the world for 90 days. A universal 10 percent tariff will remain in place. Now, with some calm returning, the President called the bond markets "Beautiful."
Share prices in the United States rose some of the way back to where they were only a week ago when all this started. But the trade war with China is still very much on.
When China pushed its tariffs on American goods to 84 percent, America snapped back, raising its rates on China to 125%. Tonight, Mr Trump said he still expected to make a very good deal with the Chinese.
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