Markets were ecstatic today after President Trump said he would pause some — but not all — of his sweeping tariffs.

• Trump offered a 90-day reprieve on the reciprocal tariffs he had imposed on dozens of countries.
• But he kept a baseline 10% tariff in place, and increased levies on Chinese goods to 125%.

💬 "People were jumping a little bit out of line," Trump told reporters as he explained his decision. "They were getting a little bit yippy. They were getting a little bit afraid."

• "Over the last few days it looked pretty glum," Trump said.

⚡️ Between the lines: The 90-day pause brings the policy roughly in line with what many investors thought Trump would do in the first place.

• And it shifts a global trade war largely into a U.S.-China trade war — which will still have enormous impacts for U.S. consumers.

📈 By the numbers: The move sent stocks on a blistering rally.

• The S&P 500 index ballooned by more than 9%.
• The Nasdaq closed up 12%, its biggest one-day gain in 24 years.
• The Dow soared nearly 8%, topping 40,000 points again.

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The tariff reprieve is especially good news for Elon Musk, Axios' Nathan Bomey notes.

• Musk became increasingly public in his opposition to tariffs in recent days, ripping Trump trade adviser Peter Navarro as a "moron" and calling for "a zero-tariff situation" between Europe and North America.

💥 Tesla's stock went on a blistering rally immediately after Trump's announcement Wednesday, soaring 18% to nearly $262 per share in mid-afternoon trading.

• But tensions with China could still be a big problem for Tesla, and therefore for Musk.

1. 💧 Many Kentuckians still can't get safely back to their homes, after days of intense rain caused widespread flooding. Go deeper.
2. ⚖️ Federal judges blocked two specific deportations today — an indication that the legal dispute over Trump's authority is still an active one, despite a narrow Supreme Court order in the administration's favor. NYT (gift link)
3. 🇺🇦 Ukrainian President Volodymyr Zelensky said at least 155 Chinese nationals are fighting with the Russian military in Ukraine. White House national security spokesman Brian Hughes said the U.S. is still working to confirm that assertion, but if it's true, "this would be a concerning escalation and the U.S. will consider options moving forward." Go deeper.

North Carolina is the most valuable program in men's college basketball, despite a disappointing season this year, the Wall Street Journal reports.

• The estimates come from Ryan Brewer, a professor at Indiana University, Columbus, who tries to determine what each college program would be worth, if it could be sold like a pro team.

🎓 UNC clocked in at $378 million, followed by its eternal rival, Duke, at $370 million.

• UConn was the top women's program, with an estimated valuation of $95 million.