#TariffPause A historic change has occurred in U.S. trade policy.

The announcement of the so-called "reciprocal tariffs" by Donald Trump on April 2 (what he called "liberation day") sent shockwaves through the global trading system and financial markets.

And the 90-day pause that the President decided on April 9 regarding some of these tariffs triggered a relief rally in the stock markets.

But where has the situation really left us after the roller coaster of new U.S. tariff announcements (and their partial reversals)?

And what will all of this mean for global trade?