Markets recoiled at the news, with the Dow Jones industrial average dropping 1.4%, the Nasdaq falling 1.2% and the Standard & Poor’s 500 sinking 1.2%. AdvertisementTrump hit pause on the crisis by announcing a 90-day suspension of the higher tariff rates, a period set to expire Wednesday. In his letters to foreign leaders, Trump warned that any effort by their governments to retaliate would be met with escalation. She also stated that additional trade deals could be announced soon. Markets recovered within weeks, after Trump reversed course, with the S&P hitting a record high on Thursday.
