Ari Shapiro

He started listing price hikes.

He started listing price hikes.

He started listing price hikes.

That occurred under the Biden administration.

That occurred under the Biden administration.

That occurred under the Biden administration.

And then Trump promised to fix it.

And then Trump promised to fix it.

And then Trump promised to fix it.

But his promise to cut inflation and bring down prices has run headlong into another campaign pledge. You know, the one that's been completely dominating the news for the past week. He talked about that one in August, too.

But his promise to cut inflation and bring down prices has run headlong into another campaign pledge. You know, the one that's been completely dominating the news for the past week. He talked about that one in August, too.

But his promise to cut inflation and bring down prices has run headlong into another campaign pledge. You know, the one that's been completely dominating the news for the past week. He talked about that one in August, too.

When he announced the details of that plan last Wednesday, President Trump's tariffs were actually even higher than 20 percent on many countries. And that threw the global economy into turmoil. Stock markets around the world saw huge losses. In the U.S., many analysts raised their odds for a recession. But Trump plowed full steam ahead.

When he announced the details of that plan last Wednesday, President Trump's tariffs were actually even higher than 20 percent on many countries. And that threw the global economy into turmoil. Stock markets around the world saw huge losses. In the U.S., many analysts raised their odds for a recession. But Trump plowed full steam ahead.

When he announced the details of that plan last Wednesday, President Trump's tariffs were actually even higher than 20 percent on many countries. And that threw the global economy into turmoil. Stock markets around the world saw huge losses. In the U.S., many analysts raised their odds for a recession. But Trump plowed full steam ahead.

Tuesday night at the National Republican Congressional Committee dinner, he bragged about his tariffs and dismissed his critics.

Tuesday night at the National Republican Congressional Committee dinner, he bragged about his tariffs and dismissed his critics.

Tuesday night at the National Republican Congressional Committee dinner, he bragged about his tariffs and dismissed his critics.

The reciprocal tariffs, as Trump calls them, clicked into place at midnight. Be cool, he posted Wednesday morning on social media. Eventually, the chaos in the markets got so extreme that on Wednesday afternoon, Trump announced that he was resetting the most extreme tariffs to a much lower 10 percent across the board for 90 days, with the exception of China, which he bumped up to 125 percent.

The reciprocal tariffs, as Trump calls them, clicked into place at midnight. Be cool, he posted Wednesday morning on social media. Eventually, the chaos in the markets got so extreme that on Wednesday afternoon, Trump announced that he was resetting the most extreme tariffs to a much lower 10 percent across the board for 90 days, with the exception of China, which he bumped up to 125 percent.