President Trump announced on Wednesday a 90-day pause on his reciprocal tariff plan. Yahoo Finance Washington Correspondent Ben Werschkul joins Julie Hyman and Josh Lipton on Market Domination Overtime to discuss the details, emphasizing the growing confusion from investors and the GOP.
To watch more expert insights and analysis on the latest market action, check out more Market Domination Overtime here.
Well, President Trump stunned markets today by announcing a 90-day pause on his reciprocal tariff plan, but it wasn't just investors caught off guard. Joining us now with more Yahoo finances, Ben Werschkul. Um, and I guess what we saw once again today from this administration is they're not all singing from the same hymnal, Ben.
Right, exactly. So, we do have a little clarity on exactly what the duties that the the change that was that's being made into there. I'll just uh from a White House official, we do know a couple of details that I know important for sectors that the EU tariffs are coming down. So, the EU, even though they've announced retaliatory plans are lowering from from a 20% to 10%. Also, Section 232 tariffs on steel, aluminum, and autos are staying in place. And Canada and Mexico tariffs are unchanged. This comes as Trump has has raised tariffs on China to 125%, but for the rest of the world has removed reciprocal duties for now, creating a floor of base sign. But, as you mentioned, it's the that's the kind of what that we know. The why is is we're getting some mixed messages this afternoon. Trump, just in the last hour, talked about how he did this because quote, they were getting a little bit yippie, they were getting a little bit afraid talking about both the stock and the stock market and the bond market, clearly a reaction to some of the turmoil we've seen. And and in sort of the lack of clarity on exactly what move he was making. Um, he also said that he would do company, he would consider company specific um exceptions instinctively. It was his word. This this comes after Treasury Secretary Scott Beson just an hour before had talked about how this was the plan all along. So, it's it's a sort of fast-moving story. We do have a little clarity on exactly what he's doing, but it's going to take some more reporting to get exactly why what what changed the move from the White House this afternoon.
Yeah, exactly. When President Trump talked about panicking, he said he was watching the bond market, but that didn't say that's why he made the decision. Um, so we continue to wonder. All right. Thanks, Ben. Appreciate it.
Thanks, guys.