00:00After days of economic turmoil following his tariff announcement, President Trump reversed course today, pausing them for all but one country.
00:08As Erica Brown reports, it prompted yet another historic day on Wall Street.
00:14Well, Joe, after the White House announced that there would be no delay to the president's sweeping tariffs,
00:20today the president announced a reversal, a temporary pause for reciprocal tariffs on almost every country that trades with the United States,
00:28saying those countries are eager to make a trade deal with the U.S.
00:33Wall Street came roaring back Wednesday, the Dow up more than 2,900 points in its biggest one-day gain since 2008,
00:41after President Trump announced a 90-day pause on his reciprocal tariffs for all nations except China.
00:47The president said more than 70 countries want to engage in negotiations for trade deals with the U.S.
00:54Somebody had to do what we did, and I did a 90-day pause for the people that didn't retaliate,
00:59because I told them if you retaliate, we're going to double it.
01:02And that's what I did with China, because they did retaliate.
01:05The president further hiked tariffs on Chinese imports, pushing them to 125 percent,
01:11after Beijing raised its retaliatory tariffs on U.S. goods to 84 percent.
01:16Still, the president insists he believes China wants to reach an agreement with the U.S.
01:21While Wall Street responded favorably to the president's latest tariff announcements,
01:26some lawmakers remain skeptical about the strategy.
01:29Donald Trump is feeling the heat from Democrats and across America about how bad these tariffs are.
01:38He is reeling, he is retreating, and that is a good thing.
01:42The president also signed executive orders Wednesday aimed at restoring business competition
01:47and repealing federal regulations that limit household water pressure.
01:52In my case, I like to take a nice shower to take care of my beautiful hair.
01:57I have to stand in the shower for 15 minutes until it gets wet.
02:01It comes out drip, drip, drip. It's ridiculous.
02:04The order says it intends to, quote, make America's showers great again.
02:08And on those tariffs, the president says he may also exempt some U.S. companies from tariffs,
02:14and he's also considering pharmaceutical tariffs to bring pharmaceuticals back to the U.S.
02:19and not be reliant on China.
02:21Reporting from the White House, Erica Brown, CBS News, Chicago.
Commentaires