Less than four hours later, Trump announced a 90-day pause on nearly all his tariffs. Stocks soared on the news, closing up 9.5% by the end of trading. The market, measured by the S&P 500, gained back about $4 trillion, or 70%, of the value it had lost over the previous four trading days.

Trump’s post on Truth Social advising people to “buy” before his market-moving tariff announcement has Democrats calling it a “market manipulation scheme.”

U.S. President Donald Trump said on Wednesday he authorized a 90-day pause as part of his tariff plan but was also raising the tariff rate for China to 125%, effective immediately. (Reporting by Susan Heavey and Ryan Patrick Jones;