In the week since President Donald Trump’s “Liberation Day” announcement of sweeping tariffs against enemies and allies alike, markets plunged, fears of a global recession spiked and pundits on both sides of the political divide were left grasping to explain the logic driving the chaos-inducing policy.

What You Need To Know

  • In a stunning reversal on Monday, the administration announced a 90-day pause on tariffs for nearly all of the targeted countries. The pause will not, however, extend to the U.S.’s most formidable trade rival, China
  • Wednesday announcement resulted in an immediate, record-setting rally in the S&P 500 stock index but left some in Congress, particularly Democrats, rankled by what they perceive as, at best, callous disregard for everyday Americans affected by the strategic unpredictability of the administration and, at worst, actual instability and incompetence
  • Hirono said anticipation of the tariffs kicking in has already caused food prices to rise, as confirmed by the National Grocers Association
  • White House press secretary Karoline Leavitt and other Trump intermediaries said the initial tariff scare and subsequent pause were part of the president’s overall strategy for negotiating with trade partners

But in a stunning reversal on Monday, the administration announced a 90-day pause on tariffs for nearly all the targeted countries. The pause will not, however, extend to the U.S.’s most formidable trade rival, China.

“Based on the lack of respect that China has shown to the World’s Markets, I am hereby raising the Tariff charged to China by the United States of America to 125%, effective immediately,” Trump posted on Truth Social. “At some point, hopefully in the near future, China will realize that the days of ripping off the U.S.A., and other Countries, is no longer sustainable or acceptable.

“Conversely, and based on the fact that more than 75 Countries have called Representatives of the United States, including the Departments of Commerce, Treasury, and the USTR, to negotiate a solution to the subjects being discussed relative to Trade, Trade Barriers, Tariffs, Currency Manipulation, and Non Monetary Tariffs, and that these Countries have not, at my strong suggestion, retaliated in any way, shape, or form against the United States, I have authorized a 90 day PAUSE, and a substantially lowered Reciprocal Tariff during this period, of 10%, also effective immediately.,” he posted.

The pause was rumored earlier in the week but quickly denied by the White House. Wednesday’s confirmation resulted in an immediate, record-setting rally in the S&P 500 stock index but left some in Congress, particularly Democrats, rankled by what they perceive as, at best, callous disregard for everyday Americans affected by the strategic unpredictability of the administration and, at worst, actual instability and incompetence.

(The stock market lost a lot of those gains Thursday, with the S&P tumbling 3.5%, the Dow Jones Industrial Average dropping 1,014 points and the Nasdaq composite falling 4.3%.)

“We can stand here and talk about people’s 401(k)s and IRAs and tanking,” Sen. Mazie Hirono said at a news conference on Wednesday. “We can throw out all the numbers (of) how much of these tariffs will cost a typical family? Do you think he cares? Because if he did, he wouldn’t do it. He doesn’t give a rip."

Hirono said anticipation of the tariffs kicking in has already caused food prices to rise, as confirmed by the National Grocers Association.

“In real life, people are having a hard time. If you are on a fixed income, you think that grocery prices going up is not going to increase your food insecurity? So all of this is happening and the chaos continues. What I say to all the groups who are coming to our offices is that we each have a responsibility to fight back against this cruel bully."

White House press secretary Karoline Leavitt and other Trump intermediaries said the initial tariff scare and subsequent pause were part of the president’s overall strategy for negotiating with trade partners.

Sen. Brian Schatz, D-Hawaii, mocked the claim on the social media platform X.

Michael Tsai covers local and state politics for Spectrum News Hawaii. He can be reached at michael.tsai@charter.com.