Global markets have rebounded dramatically as Donald Trump said he would suspend steep tariffs for most countries, and instead impose a 10% import tax rate.
It follows his decision to step back from the cliff edge of a global trade war, instead doubling down on his tariffs on China.
In a dramatic change of policy, just hours after levies against 60 of America's trading partners kicked in, Trump said he was authorising a universal "lowered reciprocal tariff of 10%" as negotiations continued.
But the trade war between Beijing and Washington deepens, as the US president increased tariffs on goods from China to 125%, citing a "lack of respect." after it retaliated by saying it would impose tariffs of 84% on US imports.
Following the announcement of his plan on Truth Social, the S&P 500 soared 9.5% in the biggest one-day rally since 2008, following days of turmoil sparked by the tariffs.
"What a day, but more great days coming!!!" He wrote, shortly before 01:00 in Washington (05:45 BST), following a turbulent day for the global stock market.