Senate Republicans were enjoying a closed-door luncheon, as they usually do on Wednesdays, when Donald Trump wrote on social media that he was pausing most of the “reciprocal” tariffs he announced last week in the Rose Garden. Over the past few days, equity markets had been pulverized, losing trillions of dollars; Wall Street had been in an uproar, frantically trying to get a hearing in Washington; and lawmakers had been getting an earful from nervous voters back home. At 12:01 a.m. on Wednesday, the administration imposed even higher retaliatory tariffs on 50 countries.
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