The Nasdaq Composite Index and S&P 500 experienced significant declines due to reactions to the U.S. administration's tariff policies, prompting President Donald Trump to suspend "reciprocal tariffs" for 90 days. This suspension aims to address concerns from the bond market and marks a shift in the administration's approach to tariffs. Despite a brief market rally, consumers are expected to face a substantial overall tariff rate, underscoring the complex relationship between trade policies and market stability.