President Donald Trump defended the tariffs he imposed on trading partners but acknowledged some problems in a meeting with his Cabinet on Thursday. "We think we're in very good shape. We think we're doing very well. Again there will be a transition cost, transition problems, but in the end it's going to be a beautiful thing," Trump said.

US President Donald Trump has warned of the "transition cost" from his tariff policies, as Wall Street stocks fell again over the worsening trade war with China.

In a stunning reversal, U.S. President Donald Trump said he would temporarily lower the hefty duties he had just imposed on dozens of countries while further ramping up pressure on China, sending global stocks rocketing higher.

The US is now making nice – or at least nicer - with nations that had faced their retaliatory trade fire, writes.

The ongoing turmoil in financial markets from the day the president declared “Liberation Day” finally generated enough pressure for at least a temporary pause.

Trump's turnabout, which came less than 24 hours after steep new tariffs kicked in on most trading partners, followed the most intense episode of financial market volatility since the early days of the COVID-19 pandemic.

Donald Trump announced a 125% tariff on Chinese goods yesterday - today, the White House says an existing 20% tariff will also remain in place.