The S&P 500 rose 9.5 percent after President Trump announced he would pause his “reciprocal” tariffs for 90 days, but economists warned that American importers were not out of danger.

After months of delays, President Donald Trump's contentious tariff barrage is now in effect. It imposes a wide variety of new import taxes that are the steepest seen in nearly a century and affect all of the country's trade partners.

President Donald Trump declared a 10 percent tariff on all imports, effective on April 5, with additional country-specific tariffs set to commence on April 9. ​The announcement sent shockwaves through the global economy,