\n<\/p>\n
Just hours after President Trump imposed steep tariffs on dozens of America\u2019s trading partners, he reversed course<\/a>. The president announced yesterday afternoon that nearly all of his so-called reciprocal tariffs would be paused for 90 days, and that he might consider exempting some U.S. companies from the tariffs.<\/p>\n Nearly every U.S. trading partner instead faces a 10 percent blanket tariff, on top of 25 percent tariffs on cars, steel and aluminum \u2014 but China, which had sharply retaliated<\/a>, will have an even higher 125 percent tariff, up from a 104 percent figure proposed yesterday. Neither side wants to look weak by backing down, but a collapse of their trade ties could have profound consequences<\/a>.<\/p>\n Slumping markets quickly rallied. The S&P 500 ended the day up 9.5 percent<\/a>, its largest daily increase since 2008. The tariffs, which Trump had raised to the highest level in a century, had caused economists to warn of recession risks. Markets in Asia soared in the countries<\/a> that were spared.<\/p>\n White House officials repeatedly tried to suggest that the change in policy was a premeditated strategy devised to secure favorable deals. But Trump himself acknowledged that his decision was made in response to the market turmoil, particularly in the bond market<\/a>. (Go inside his decision<\/a>.)<\/p>\n<\/div>\n<\/div>\n Quotable: <\/strong>\u201cTrump is obsessed with tariffs, but he\u2019s also obsessed with doing deals,\u201d Steven Erlanger, who covers trade and diplomacy for The Times, told me. \u201cNo one can quite decide whether he was actually trying to remake the entire global trading system, which he has said some days, or whether he wants all these countries to come crawling on their knees to him to do a better deal, which is what he has said other days.\u201d<\/p>\n Between 9,000 and 10,000 Islamic State fighters are detained in northeastern Syria. A recent U.S. intelligence assessment concluded that the Islamic State would try to exploit the end of the Assad government to free prisoners and revive its ability to plot and carry out attacks.<\/p>\n Israel news:<\/strong><\/p>\n In a world shaped by war, a pandemic and extreme weather, more American gun owners are getting ready for a crisis \u2014 whether it\u2019s fighting tyranny or responding to a natural disaster.<\/p>\n The training once pursued by members of a peripheral \u201cprepper\u201d culture is growing more mainstream. Gun owners are learning radio skills, night-vision shooting, drone reconnaissance and military tactics<\/a>.<\/p>\n Lives lived:<\/strong> Xavier Le Pichon, a French geophysicist who helped revolutionize how scientists understand the movements of the earth\u2019s crust, died last month at 87<\/a>.<\/p>\n<\/div>\n<\/div>\n A new biography and film about Yoko Ono offer more opportunities to assess her contributions to culture. Jon Pareles and Lindsay Zoladz, two pop music critics for The New York Times, debated whether they\u2019re worthy of their subject, and why the idea that Ono broke up the Beatles has remained so pervasive. Read what they had to say<\/a>.<\/p>\nMore on the trade war<\/h2>\n<\/section>\n
<\/div>\n<\/div>\n
<\/div>\n<\/div>\nIs the Yokossance finally here?<\/h2>\n
RECOMMENDATIONS<\/strong><\/span><\/h3>\n<\/div>\n<\/div>\n