Welcome to the beat. I'm Ari Melville reporting on wild swings in the markets today, which had crashed on President Trump's massive tariffs, building the pressure that led him to partly back down today, Trump announcing a new cut to his own new tariffs, something he and other aides had ruled out as recently as a few days ago.

And this cut comes without foreign countries giving the U.S. anything tangible yet.

His Treasury Secretary came out to promise the world today and the markets that there is a

ceiling now so that the worst may be over.

And this ceiling is something that means the flailing tariff standoff, according to the Trump

White House, will not get worse, at least for everyone, but China. That's the summary. Now,

we're going to get to the details, and I'm actually about to show you how this played across

Wall Street and across politics today, but let's just start as we try to do around here with

the core evidence, and I have

three things we can see clearly. One, Trump's tariffs are partly paused now, and that is

designed to calm markets, and it is calming markets. They also, though, continue at 10% rates,

which is widely viewed as a fairly unsustainable plan.

Two, the market panic that we saw did melt into this huge rebound, and many are eager to

believe that Trump's new line is somehow sturdier than his past claims.

So we saw the rebound today of people saying, let's take the good news more seriously than

some of the uncertainty and the bad news in the markets. And finally, in this summary, three,

Donald Trump backs down. That is the clear fact of it. That's the New York Times headline. That's

what Wall Street likes. Unlike Tom Petty,

who's saying I won't back down. I won't be turned around. Trump did back down today.

Unlike 50 said, momentably wrapped, it's easy to see when you look at me. If you look closely,

50 don't back down. Well, it's one thing Trump does not have in common with them.

Trump do back down, if you will. All right, with those three clear points in mind that are not

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