US President Donald Trump on Wednesday (Apr 8) hit pause on his sweeping global tariffs. Speaking at a White House event, the US president revealed that he has announced the 90-day pause because people were "getting a little yippie" — his term for spooked investors and nervous markets.

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A U-turn?

The surprise 90-day pause came after a week of financial chaos, where Trump's tough new tariffs sent global markets tumbling. Speaking at a White House event honouring car racing champions, he admitted he was watching the collapse in real time.

"I thought that people were jumping a little bit out of line," he said.

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Also read | Trump says military action against Iran 'absolutely' possible 

"They were getting yippie, you know, getting a little bit yippie, a little bit afraid," added Trump.

Trump's use of 'yippie' seems to be a reference to golfers getting the "yips" — a sudden loss of control under pressure. But he insisted the bond market now looks "beautiful."

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"The bond market is very tricky. I was watching it. But if you look at it now, it's beautiful. The bond market right now is beautiful. But yeah, I saw last night where people were getting a little queasy," he said.

A strategic pause?

Trump labelled the pause a "transition to greatness." He hinted that he might consider exempting some US companies from tariffs during the 90-day window, but said that the decisions would be made "instinctively".

Also read | 'Ripping off US unacceptable': Trump hikes China tariffs to 125%, gives '90-day PAUSE' on tariffs for countries seeking talks

China remains on the chopping block

Meanwhile, Trump did not spare China—it was slapped with a 125 per cent tariff after it retaliated against US tariffs. 

On truth Social, Trump wrote that he has raised China's tariffs "Based on the lack of respect that China has shown to the World’s Markets"

"I am hereby raising the Tariff charged to China by the United States of America to 125%, effective immediately. At some point, hopefully in the near future, China will realise that the days of ripping off the USA, and other Countries, is no longer sustainable or acceptable," he added.

Meanwhile, other countries that held back were told not to worry. Speaking to the press, Treasury Secretary Scott Bessent said that the 90-day pause would give the Trump administration time to make individual, specific deals with various nations.

Also read | Stock markets tumble, oil prices plunge as Trump's trade war escalates

Bessent also insisted this was all part of Trump's master plan: "This was his strategy all along… And you might even say that he goaded China into a bad position. They responded. They have shown themselves to the world to be the bad actor."

Markets Bounce Back

The markets surged after the announcement, with Nasdaq up nearly 9 per cent, the S&P 500 climbing 8 per cent, and the Dow Jones up 6 per cent.

(With inputs from agencies)