Trump settled the debate over the tariffs on iPhones and other Chinese-made devices — saying that there is no “exemption” and that new duties are coming. “NOBODY

Stocks are rallying worldwide after President Donald Trump relaxed some of his tariffs, for now at least. The S&P 500 was 1.7% higher in early trading on Monday. It’s coming off a chaotic week where it careened through historic swings as markets struggled to catch up with Trump’s moves on tariffs.

Trump has described the tariffs as "reciprocal," saying the steep toll will correct a grievance he's held for "35 years:" that the U.S. is being "ripped off" by trade imbalances. The president has claimed the tariffs will prompt countries to try to negotiate a deal with the U.