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WASHINGTON — “Liberation Day” just gave way to Capitulation Day.
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President Donald Trump pulled back Wednesday on a series of harsh tariffs targeting friends and foes alike in an audacious bid to remake the global economic order.
Trump's early afternoon announcement followed a harrowing week in which Republican lawmakers and confidants privately warned him that the tariffs could wreck the economy. His own aides had quietly raised alarms about the financial markets before he suspended a tariff regime that he had unveiled with a flourish just one week earlier in a Rose Garden ceremony.
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The stock market rose immediately after the about-face, ending days of losses that have forced older Americans who've been sinking their savings into 401(k)s to rethink their retirement plans.
Ahead of Trump's announcement, some of his advisers had been in a near panic about the bond markets, according to a senior administration official. Interest rates on 10-year Treasury bonds had been rising, contrary to what normally happens when stock prices fall and investors seek safety in treasuries. The unusual dynamic meant that at the same time the tariffs could push up prices, people would be paying more to buy homes or pay off credit card debt because of higher interest rates. Businesses looking to expand would pay more for new loans.
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Two of Trump's most senior advisers, Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick, presented a united front Wednesday, urging him to suspend the tariffs in light of the bond market, the administration official said.
In a social media post, Trump announced a 90-day pause that he said he’ll use to negotiate deals with dozens of countries that have expressed openness to revising trade terms that he contends exploit American businesses and workers. One exception is China. Trump upped the tariff on the country’s biggest geopolitical rival to 125%, part of a tit-for-tat escalation in an evolving trade war.
Trump reversed course one week after he appeared in the Rose Garden and unveiled his plan to bring jobs back to the United States. Displaying a chart showing the new, elevated tariffs that countries would face, Trump proclaimed, “My fellow Americans, this is Liberation Day.”
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President Donald Trump wants to bring back American manufacturing in ways that would reshape the United States economy to look more like China’s. The campaign, which has led to a rapidly escalating trade war with China, has given ample social media fodder to Chinese and American observers alike.
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Announcing a series of sweeping tariffs in a move dubbed “Liberation Day,” Trump said last week that it will lead factories to move production back to American shores, boosting the U.S. economy after “foreign leaders have stolen our jobs, foreign cheaters have ransacked our factories, and foreign scavengers have torn apart our once beautiful American dream.”
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In a Truth Social post Wednesday, Trump announced that he is raising tariffs on goods imported from China to 125%, up from the 104% that took effect the same day, due to “the lack of respect that China has shown to the World’s Markets.” Higher targeted tariffs on other countries have been paused for 90 days, although the 10% baseline tariff will remain in place for all countries.
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Meme-makers and Chinese government officials have in recent days begun pointing out the irony of Trump’s tariff-driven manufacturing pivot through AI-generated satire and political cartoons that have percolated online, with many American users boosting the jokes.
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“Every morning I come downstairs and he’s already done the dishwasher, he’s already packed his lunch, and he’s ready to go,” Ruthe’s father, Ben, tells CNN Sports.
“He’s just a disciplined kid. He goes to bed early, he looks after himself, he eats well, he looks after his sister. He’s just a good kid around the house in all ways, really. We’re very lucky.”
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Ruthe is next due to compete in the 1,500 meters at the Maurie Plant Meet in Melbourne on Saturday, and one target time to aim for will be his dad’s fastest time of 3:41.22 – three hundredths of a second faster than Ruthe’s current personal best.
But he still has a way to go before he can call himself the most decorated runner in his family. Dad Ben and mom Jess are both former national champions who represented New Zealand on the world stage, while his maternal grandparents won European championship medals for Great Britain.
His grandmother, Rosemary Stirling, arguably had the most impressive achievement: an 800m Commonwealth Games title from 1970.
Despite his family pedigree, Ruthe was never under any pressure to take running seriously. His parents, in fact, didn’t allow him or his sister Daisy to train at all until they were 13, never wanting their identities to be tied solely to running.
“It feels like it’s the right decision about now,” says Ben.
But as he gradually starts to realize his potential, Ruthe, when pushed, admits to having big goals in the sport.
“If I had to pick one thing, definitely Olympic gold,” he says. “I feel like that’s most runners’ dream and the biggest thing you can actually win. So that’ll definitely be the top of my bucket list.”
The 2032 Olympics in Brisbane, Ruthe adds, would be a nice target. And as for the Los Angeles Games in three years’ time? “I’d actually love to try and qualify for LA 28,” he says. “I feel like that’ll be a tough goal. But if I do that, I’ll be really happy.”
Already, Ruthe’s name is being mentioned in the same breath as Norway’s Jakob Ingebrigtsen, the most successful middle-distance of this generation. It was his record as the youngest-ever four-minute miler that Ruthe took last week, and the New Zealander also beat Ingebrigtsen’s 1,500m record for a 15-year-old earlier this year.
Ingebrigtsen’s success, Ruthe says, has given him hope that he too can “have a good future” in the sport. But his biggest source of motivation comes not from the two-time Olympic champion, but from those closest to him – his training group led by coach Craig Kirkwood and athlete Sam Tanner.
The pair were instrumental in Ruthe’s recent mile time of 3:58.35, and it was five-time national champion Tanner who paced him perfectly around four laps of the track on his way to the record.
Kate Winslet had a surprising ‘Titanic’ reunion while producing her latest film ‘Lee’
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Kate Winslet is sharing an anecdote about a “wonderful” encounter she recently had with someone from her star-making blockbuster film “Titanic.”
The Oscar winner was a guest on “The Graham Norton Show” this week, where she discussed her new film “Lee,” in which she plays the fashion model-turned-war photographer Lee Miller from the World War II era.
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Winslet recounted that while she had previously executive produced a number of her projects, “Lee” was the first movie where she served as a full-on producer. That required her involvement from “beginning to end,” including when the film was scored in post-production.
She explained to Norton that when she attended the recording of the film’s score in London, while looking at the 120-piece orchestra, she saw someone who looked mighty familiar to her.
“I’m looking at this violinist and I thought, ‘I know that face!’” she said.
At one point, other musicians in the orchestra pointed to him while mouthing, “It’s him!” to her, and it continued to nag at Winslet, prompting her to wonder, “Am I related to this person? Who is this person?”
Finally, at the end of the day, the “Reader” star went in to where the orchestra was to meet the mystery violinist, and she was delighted to realize he was one of the violinists who played on the ill-fated Titanic ocean liner as it sank in James Cameron’s classic 1997 film.
“It was that guy!” Winslet exclaimed this week, later adding, “it was just wonderful” to see him again.
“We had so many moments like that in the film, where people I’ve either worked with before, or really known for a long time, kind of grown up in the industry with, they just showed up for me, and it was incredible.”
“Lee” released in theaters in late September, and is available to rent or buy on AppleTV+ or Amazon Prime.
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