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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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Everyone is talking about Greenland. Here’s what it’s like to visit
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A few months ago, Greenland was quietly getting on with winter, as the territory slid deeper into the darkness that envelops the world’s northerly reaches at this time of year.

But President Donald Trump’s musings about America taking over this island of 56,000 largely Inuit people, halfway between New York and Moscow, has seen Greenland shaken from its frozen Arctic anonymity.

Denmark, for whom Greenland is an autonomous crown dependency, has protested it’s not for sale. Officials in Greenland, meanwhile, have sought to assert the territory’s right to independence.

The conversation continues to intensify. A contentious March 28 visit to a US military installation by Usha Vance, the second lady, accompanied by her husband, Vice President JD Vance, was the latest in a series of events to focus attention on Trump’s ambitions for Greenland.

The visit was originally planned as a cultural exchange, but was shortened following complaints from Greenland Prime Minister Mute B. Egede.

Had the Vances prolonged their scheduled brief visit, they would’ve discovered a ruggedly pristine wildernesses steeped in rich Indigenous culture.

An inhospitable icecap several miles deep covers 80% of Greenland, forcing the Inuit to dwell along the shorelines in brightly painted communities. Here, they spend brutally cold winters hunting seals on ice under the northern lights in near perpetual darkness. Although these days, they can also rely on community stores.

The problem for travelers over the years has been getting to Greenland via time-consuming indirect flights. That’s changing. Late in 2024, the capital Nuuk opened a long-delayed international airport. From June 2025, United Airlines will be operating a twice-weekly direct service from Newark to Nuuk.

Two further international airports are due to open by 2026 — Qaqortoq in South Greenland and more significantly in Ilulissat, the island’s only real tourism hotspot.