In a stunning reversal, US President Donald Trump announced he would temporarily lower the hefty duties he had just imposed on scores of countries. The announcement comes less than 24 hours after steep new tariffs kicked in on imports from dozens of American trading partners. There was one exception to the reprieve: Trump raised the tariff on Chinese imports to a staggering 125 percent, further escalating the trade showdown between Washington and Beijing. Jamie Clarke reports:

Wall Street stocks closed higher, with dramatic advances on all three major indexes as US President Donald Trump delayed his steep new tariffs hours after they took effect. The Dow Jones surged nearly eight percent and the broad-based S&P 500 Index rallied over nine percent. The tech-focused Nasdaq, meanwhile, jumped 12.2 percent. All three indexes bounced overnight as Trump announced a 90-day pause in country-specific tariffs that came into place earlier yesterday, except for levies on Chinese goods. Here's Jamie Clarke:

Speaking to RTHK, James Wong, CEO of Almagest Asset Management, advised investors to stay on the sidelines amid the market turmoil from the uncertainty over tariffs, and warned of long-term volatility going forward. Wong spoke to Chloe Feng:

Despite the pause in US tariffs on many countries, trade tensions continue between Washington and Beijing. China says it will increase tariffs on US goods by 50 percent, bringing it to a total of 84 percent, in response to America increasing tariffs on Chinese imports to over 100 percent. The finance ministry says the tariff, which previously stood at 34 percent, takes effect from Thursday. Aaron Tam reports:

A State Council White Paper says China-US economic and trade relations are mutually beneficial and win-win in nature. It adds that cooperation benefits both sides while confrontation harms both. Jacqueline Guico with that story:

The US tariff on small parcels sent from the mainland and Hong Kong has been tripled in the latest escalation by US President Donald Trump in the ongoing trade war. Here's Damon Pang with more:

Lawmaker and executive councillor Jeffrey Lam told Ben Tse that China was justified in retaliating against the US tariffs but held out hope that a deal could be struck between Beijing and Washington.

Beijing has denounced the reintroduction of a United States bill that threatens closures of Hong Kong's Economic and Trade Offices, or ETOs, in the country. Damon Pang reports:

In other news, the SAR's search and rescue team has returned home from earthquake-hit Myanmar. The government held a welcome-home ceremony for the team, as members arrived at the airport last night. Speaking at the ceremony, Chief Executive John Lee said the team was dispatched 61 times throughout their 11 days in Myanmar, and went to 57 places for rescue and support:

Leung Chai-yan, the elder daughter of former SAR chief executive CY Leung, has died at the age of 33. As Frank Yung reports, police said a woman was certified dead at a serviced apartment in Shau Kei Wan on Tuesday evening.

The government says changes to the HK$2 transport subsidy scheme will be in place sooner than expected. Those changes were unveiled by Financial Secretary Paul Chan in his budget address in February. Damon Pang reports:

The think tank, Our Hong Kong Foundation, welcomed the government's plans to bring forward changes to the HK$2 transport subsidy scheme. Its vice president, Kenny Shui, says the administration could even save up more money by having an across-the-board HK$3 scheme. He spoke to Damon Pang:

Train services between Tung Chung and Sunny Bay will end earlier next Saturday to make way for track diversion work. MTR officials said the work is part of the line's extension. Kelly Yu reports:

Social worker Jackie Chen has been sentenced to three years and nine months in prison after being convicted in a retrial of rioting during the 2019 unrest. Frank Yung reports:

DAB lawmakers, together with seven organisations, have co-founded a digital asset alliance to promote cooperation and knowledge exchange within the sector. DAB lawmaker Rock Chen, who leads the alliance, told Kimmy Lau the sector hopes to further enhance Hong Kong's status as an international financial centre.

President Xi Jinping has made a key speech in Beijing, where he stressed the importance of neighbouring countries and the need to deepen all-round cooperation. Here's Frank Yung:

Rescue workers in the Dominican Republic say they will wind down the search for survivors of the nightclub roof collapse that left scores of people dead after they found more bodies under the rubble. Janice Lo reports:

Germany's conservative and centre-left parties have reached a coalition deal to govern Europe's biggest economy. The deal caps weeks of haggling between the two parties, with the pressure to reach an agreement taking on new urgency at a time of global turmoil. As Jamie Clarke reports, the man widely expected to be Germany's next chancellor has said that, in the current international situation, his government will "help shape the shift in the world".