At a Cabinet meeting, Trump declined to rule out extending the 90-day tariff pause and said he hadn't yet seen Tuesday's market sell-off. Trump knew his tariffs might cause a recession, but his fear of a depression preceded his decision to pause the duties' implementation for 90 days, the Wall Street Journal reported.

Trump defended the tariffs he imposed on other nations but acknowledged some problems with the rollout in a meeting with his Cabinet, "but in the end it's going to be a beautiful thing." Meanwhile, the White House raised the tariffs on all Chinese exports to 125% after Beijing's latest round of retaliation -- that's in addition to the 20% fentanyl-related tariffs imposed in early February,