Asked whether this is a coherent way of making policy, another GOP senator said: "It's President Trump's way, and nobody should be surprised."

Trump says countries who were facing higher tariffs will now fall to the "baseline" tariff of 10% for at least 90 days.

On Wednesday, a week after imposing sweeping reciprocal tariffs, President Trump announced a 90-day pause for dozens of countries, and a raise to 125% on levies to China.

As markets continue to plummet in response to incoming tariffs, the S&P Global 500 has started to fall into what appeared to be bear market territory.

Global markets plunged on Monday, deepening a global stocks rout triggered by US President Donald Trump’s trade war and China’s forceful response to unexpectedly high tariffs.

Oil markets fell more than 6% as the trade war reverberates across all markets, including bonds, the dollar and stocks.

A pullback from US Treasuries sent longer-term yields surging by the most since pandemic struck in 2020, deepening losses in what’s supposed to be a haven from financial turmoil and roiling markets abroad as investors sell government bonds to raise cash.

U.S. and China tariffs set to take effect, March inflation data, Big Bank earnings, consumer sentiment, Fed meeting minutes, consumer credit data

Most stock markets in the Gulf ended lower on Wednesday, tracking a global selloff triggered by the latest U.S.-China trade war escalation.

The S&P 500 slipped into bear market territory in early trading but by the end of the day climbed back close to where it opened. President Trump said he would not back off his trade war, reinforcing fears of a global economic downturn.

Unsurprisingly, the news has shaken financial markets across the world. On Wednesday morning, European markets all saw several percentage point drops. According to CNN's Fear & Greed index, U.S. markets are currently being driven by "extreme fear.