President Donald Trump's "reciprocal' tariffs against U.S. trading partners went into effect at midnight Wednesday, raising costs to import goods from China, Europe Southeast Asia and more.

This analysis from the CSIS Economics Program and Scholl Chair in International Business unpacks the April 2 tariff announcements from the White House.

Asian markets staged gains in trading Thursday after President Trump paused many of his recently announced higher tariffs, except for a 125 percent levy on China.

Following one day of respite, the U.S. stock market returned to its downward spiral Thursday amid ongoing concerns tied to President Donald Trump’s proposed tariffs. At market close, the tech-stock-heavy Nasdaq Composite index was down 4.

President Donald Trump held a Cabinet meeting at the White House, where he brushed off the day's downturn in the markets.

The Supreme Court on Thursday said President Donald Trump’s administration must facilitate the return of Kilmar Abrego Garcia, a Maryland man who was mistakenly deported to El Salvador, rejecting the administration’s emergency appeal.

The European Union’s executive commission said Thursday it will put its retaliatory measures against new U.S. tariffs on hold for 90 days to match President Donald Trump ’s pause on his sweeping new tariffs and leave room for a negotiated solution.

But the European Commission President warned: "If negotiations are not satisfactory, our countermeasures will kick in."

Markets in Japan, South Korea and Taiwan soared after the U.S. president paused punishing tariffs. Gains in mainland China were modest as trade hostilities heat up between Washington and Beijing.

China was a huge exception, though, with Trump saying tariffs are going up to 125% against its products. That raises the possibility of more swings ahead that could stun financial