Trump hit the small African kingdom of Lesotho with his highest tariff this week at 50%, fueling urgent efforts by the country to seek a deal, and new trade partners.

Lesotho has a large trade surplus with the United States, mostly made up of diamonds and textiles, including Levi's jeans.

A 50% reciprocal trade tariff on Lesotho, the highest levy on U.S. President Donald Trump's long list of target economies, will kill the tiny Southern African kingdom that Trump ridiculed last month,

Trump's punishing tariffs have shaken a global trading order that has persisted for decades, raised fears of recession and driven worldwide stocks sharply downward. The S&P closed below 5,000 for the first time in nearly a year on Tuesday and is nearing a bear market,

The ongoing turmoil in financial markets from the day the president declared “Liberation Day” finally generated enough pressure for at least a temporary pause.

China had raised its duty on American goods to 84% in tit-for-tat hikes that threaten to disrupt trade between the world’s two largest economies.

Trump's turnabout, which came less than 24 hours after steep new tariffs kicked in on most trading partners, followed the most intense episode of financial market volatility since the early days of the COVID-19 pandemic.

In a stunning reversal, U.S. President Donald Trump said he would temporarily lower the hefty duties he had just imposed on dozens of countries while further ramping up pressure on China, sending global stocks rocketing higher.

Trump has described the tariffs as "reciprocal," saying the steep toll will correct a grievance he's held for "35 years:" that the U.S. is being "ripped off" by trade imbalances. The president has claimed the tariffs will prompt countries to try to negotiate a deal with the U.