US Commerce Secretary Howard Lutnick has already described it as "one of the most extraordinary Truth posts of his Presidency".
He's referring, of course, to Donald Trump's post - on his Truth Social platform - announcing a 90-day pause on so-called "reciprocal" tariffs.
It's hard to disagree with Mr Lutnick's characterisation. After repeatedly insisting these tariffs were here to stay, and even explicitly denying a 90-day pause was under consideration, Mr Trump executed a dramatic about-face with a single social media post.
Almost immediately, markets roared back to life, as investors delivered a vote of confidence in the power of presidential backpedalling.
But that extraordinary post still left us with lots of questions.
The first and most obvious one, at least for us here in Ireland, related to whether the European Union was included in the pause.
Does the US president consider the EU to be one of the 75 countries that have not "retaliated in any way, shape or form against the United States"?
It appears so - the White House has since made clear that the pause applies to every country except China.
This was a particularly thorny question given the EU's announcement - just today - of three rounds of countermeasures against US steel and aluminium tariffs.
Those countermeasures are technically not related to the "reciprocal" tariffs. They relate to Mr Trump's February metals tariffs - but the timing was unfortunate.
Presumably, Brussels will now consider whether to pause these countermeasures as a gesture of goodwill. The first round of measures - covering €3.9 billion in trade - is due to come into force next week.
The second big question was about what exactly was being paused, given Mr Trump's mention of a "substantially lowered Reciprocal Tariff", of 10%, in his post.
Are tariffs being knocked down to nothing for 90 days, and then a 10% tariff will come into effect? Or is the US imposing a 10% tariff on every country for those 90 days?
The White House press secretary confirmed that every country except China will be brought down to a universal 10% tariff during the period.
This, the White House said, is while "negotiations are ongoing".
It's important to note that the "pause" applies only to the tariffs Mr Trump announced last week - those he dubbed "reciprocal", despite their arbitrary nature.
The metals tariffs and his 25% auto tariffs remain firmly in effect.
Nevertheless, this represents a significant reprieve for most of the world. That is, for every country except China.
In Beijing's case, the tariffs have been dramatically increased to 125%, signalling that, while the global trade dispute might be cooling, the US-China confrontation is only heating up.
On X, Mr Lutnick said that he and Treasury Secretary Scott Bessent sat with Mr Trump when he wrote the Truth Social post.
"The world is ready to work with President Trump to fix global trade," he wrote, "and China has chosen the opposite direction."
Live updates: 90-day pause announced on higher reciprocal tariffs
