US markets experienced significant drops following President Trump's announcement of tariffs on all countries except China. Despite the market turmoil, Trump expressed optimism about reaching a beneficial trade deal with China. He acknowledged "transition problems" related to the tariffs, while his administration asserted that many countries are now negotiating more favorably with the US. The EU also paused its planned retaliatory tariffs for 90 days to allow for negotiations. Trump maintains that China has unfairly exploited the US for an extended period.

Prepared by Christopher Adams and reviewed by editorial team.