> It's still 10% for everyone but China.

There's actually some confusion about that. They said they paused the global tariffs but didn't mention the Canada and Mexico tariffs.

If the 10% global tariff is in addition to the Canada and Mexico tariffs, the net tariff rate on those countries could be quite high. Combined with 125% tariffs on China and we would have very burdensome tariffs on 3 of our largest trading partners.

The rally is because Trump caved to pressure and is backtracking earlier claims that he wasn't going to change his policy.