Facing a global market meltdown, President Donald Trump on Wednesday abruptly backed down on his tariffs on most nations for 90 days, but raised the tax rate on Chinese imports to 125%. It was seemingly an attempt to narrow what had been an unprecedented trade war between the U.S. and most of the world to a showdown between the U.S. and China. The S and P 500 stock index jumped more than 7% after the announcement, but the drama over Trump's tariffs will now be prolonged as the administration engages in negotiations that could cause uncertainties to persist in the world economy.

Trump posted on Truth Social that because "more than 75 Countries" had reached out to the U.S. government for trade talks and have not retaliated in meaningful way "I have authorized a 90 day PAUSE, and a substantially lowered Reciprocal Tariff during this period, of 10%, also effective immediately."

China's finance ministry has announced an 84% tariff on goods imported from the US, retaliating against recent levies imposed by the White House. The hike in tariffs, from 34%, came after US President Donald Trump's 104% tariff on Chinese goods came into force on Wednesday - they were later increased to 125%. Trump said the 21% rise was "based on the lack of respect" China had shown, and that it would be "effective immediately".

Beijing, which has said its charges would take effect from Thursday, urged other countries to unite against Trump's tariffs as the country's exporters reel from the crippling new levies. "Global unity can triumph over trade tyranny," declared an editorial in the state-run newspaper China Daily, noting Beijing's collaborations with Japan, South Korea and other Asian economies. A separate piece called for the European Union to work with it to "uphold free trade and multilateralism". Hours after Trump's highest tariffs on a raft of countries came into force, China retaliated with its own 84% levy on US imports.

The roof of an iconic nightclub in the Dominican capital collapsed during a merengue concert, killing at least 124 people and injuring hundreds more. Politicians, athletes and a fashion designer were among those at Jet Set in Santo Domingo when disaster struck early Tuesday. Officials have said it's too early to determine why the roof fell. Rescue crews are still searching for survivors in the rubble as people anxiously await word of their loved ones. The roof collapsed nearly an hour after the merengue concert headed by Rubby Pérez began at Jet Set. The club was known for its Monday night merengue parties that drew international celebrities and high-profile Dominicans.

A video posted on social media shows parts of the roof falling and people starting to move away seconds before the entire roof collapses onto them. Nelsy Cruz, the governor of Montecristi province and sister of seven-time Major League Baseball All-Star Nelson Cruz, alerted Dominican President Luis Abinader to the disaster, calling him from under the debris, according to first lady Raquel Abraje. Officials said Nelsy Cruz later died at a hospital.

Suspected US airstrikes in Yemen have killed at least 10 people, according to Houthi rebels. The airstrikes targeted the area around Yemen's Red Sea port city of Hodeida, with the rebels claiming the strikes occurred Tuesday night in the al-Hawak district, injuring 16 others. The area, which includes Hodeida's airport, has previously been used by the rebels to target shipping in the Red Sea. The Houthis have reported that U.S. airstrikes against them, part of a broader campaign related to attacks on shipping in the Middle East, have killed at least 107 people.

Rebel footage showed scenes of chaos with people helping the wounded and searching for survivors, suggesting the strikes targeted residential areas. Other airstrikes hit Yemen's Amran governorate, where U.S. forces reportedly destroyed telecommunication equipment, as well as the mountainous Jebel Nuqum region, Dhamar, and Ibb governorates, causing three injuries. The U.S. Central Command has not confirmed the strikes, following the White House's authorization for such operations since mid-March.