Welcome to the News Hour. President Trump stunned many this afternoon by pausing higher tariff rates

on most countries for 90 days, just hours after they kicked in. The president raised tariffs

specifically on Chinese imports to 125% after Beijing retaliated overnight. And a 10% across-the-board

tariff that took effect last week remains in place.

All of this led to an historic day of market rallies after multiple days of steep drops.

The Dow closed almost 3,000 points higher, up nearly 8%.

The NASDAQ rocketed to its best day in nearly a quarter century, up 12 percent,

and the broadest measure.

The S&P 500 had its biggest gain since 2008, up 9.5%.

Lisa Desjardin begins our coverage.

An extraordinary change, of course, after a night of market turmoil and action by other

global powers.

Well, I thought that people were jumping a little bit out of line.

They were getting yippy, you know.

They were getting a little bit yippy, a little bit afraid.

Speaking at a NASCAR event at the White House, President Trump explained why he paused

a wave of tariffs on much of the world hours after they took effect.

The deal's going to be made with every one of them.

And there'll be fair deals. I just want fair.

They will be fair deals for everybody.

Earlier, Treasury Secretary Scott Besson insisted the pause has always been part of President Trump's strategy.

President Trump created maximum negotiating leverage for himself.

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