Today's announcement attenuates many of the more apocalyptic economic forecasts for the US but the president's tariff strategy has "backfired spectacularly", said Imran Khalid at The Hill. It's tempting to view Trump's tariff gambits as "erratic improvisations";

And just this week as the U.S. and China reached an initial deal that greatly lowered tariff levels, the three major indexes soared. The S&P 500 even moved into positive territory for the year after earlier falling as much as 15%.

Donald Trump’s tariffs on China will likely remain at a level expected to severely curtail Chinese exports to the US after the 90-day truce, analysts and investors say, suggesting Beijing may have to endure further economic pain despite active talks.