#CryptoTariffDrop last hour of China's response, the world, and the markets.

Tariff pause: President Donald Trump stated that he will impose a 90-day pause on new tariffs while his trade war shakes the global economy. At the same time, he announced that he would raise tariffs on China by at least 125%, intensifying his reciprocity with Beijing.

• Markets soar: U.S. stocks surged after Trump's announcement of the pause. In a radical shift, the Dow and the S&P 500 are on track for their best day in five years.

What experts say: Joe Brusuelas, chief economist at consulting firm RSM US, warned that the change in tariff policy may not be enough to avoid a recession. And in a note to clients, economists at Goldman Sachs projected a 45% chance of a recession within the next 12 months.