Trump tariffs updates: President decided to pull reciprocal tariffs 'this morning'

Sen. Adam Schiff, D-Calif., called for Congress to launch an investigation into who may have known about Trump's tariff moves in advance and perhaps benefitted from the drastic market shifts.

"I think Congress should do an investigation into this, but we're going to demand answers from the administration," he said. "They're likely to stonewall, particularly if they've been engaged in corrupt insider trading, but they won't be able to hide it for good. I mean, we know who's in the administration."

Schiff said he'd be writing to the White House to "demand who knew in advance that the president was going to once again, flip flop on tariffs."

"And are people cashing in? There is just all too much opportunity for people in the White House and the administration to be insider trading, and you can't put it past them for a minute. So we're going to try to find out," Schiff said.

Trump said he's still serious about putting tariffs on pharmaceuticals produced in other countries.

"You know, we realized during the COVID that we don't make our drugs and our pharmaceuticals in this country. So I realized that, and it was a big realization," the president claimed.

"We don't make it, and that's because we let them leave. And now, if they want to come back, we're going to put tariffs on the pharmaceutical companies, and they're going to all want to come back," he added.

Chris Farley, the owner of Pacers Running in Alexandria, Virginia, shrugged his shoulders and shook his head when he learned about the news of President Donald Trump's change in his tariff plan.

"This is the world we're in now. What I was hoping for was some predictability for life and work, and this is just so challenging. That's great news-- maybe I should react that's great news. But what does that mean for tomorrow? Like I just-- it's hard to understand what's actually happening," he said.

Farley said he and the vendors he works with are struggling to figure out the best prices and margins to operate with.

"I am measured in my responses now. I'm really going to stay medium on any sort of news that comes out," he said.

Farley said he's worried how much his customers will be able to bear, telling us he's been told one shoe he sells could immediately jump from $165 to $220.

"I can't sell this for $220" he said,

When asked for his message to the administration, prior to Trump's announcement, Farley joked, "First off, I'd like everybody to go for a run. I think you'll get a level head."

"I would say to the folks in charge that these are real impacts on real people, real people with families that are hardworking Americans, who have running stores or have small businesses. And these are real impacts that we're juggling," he added.

Goldman Sachs economists are reverting to a baseline forecast of no recession following President Donald Trump's announcement of a 90-day pause on reciprocal tariffs for most countries. The economists still predict a 45% possibility of recession.