The new exemptions are part of what traders have dubbed TACO, or Trump Always Chickens Out, to describe times when the president backs off a policy after unintended consequences pop up. In the case of tariffs, Trump has already reversed a number of his measures, a sign that the administration is reshaping his signature economic tool.

Australia on Sunday cautiously welcomed President Donald Trump's rollback of his tariffs on beef, while pressing the U.S. to eliminate all tariffs on Australian goods. Trump on Friday removed tariffs he had imposed on more than 200 food products,

EPSTEIN FILES: Trump told Attorney General Pam Bondi to investigate Jeffrey Epstein’s ties to political figures and financial institutions today. Earlier, victims of Epstein urged Congress to compel the Justice Department to release all the files in the case of the late convicted sex offender.