Trump indeed took a step back for that reason.

In a surprising turn of events, the United States has announced that it will not impose counter-tariffs on countries that have not retaliated against the Trump administration's trade policies. This decision is seen as a strategic move, providing a window of opportunity for negotiations and de-escalation.

The ongoing dispute between President Trump and China continues to escalate, with both parties trading tariffs and complaints. Recently, China lodged a complaint with the World Trade Organization (WTO) over the US trade policies. In response, US Treasury Secretary Steven Mnuchin accused China of escalation.

The news of the delayed counter-tariffs has been well-received, particularly on Wall Street. The Dow Jones and the broader S&P 500 rose by six to seven percent, and the Nasdaq index temporarily gained more than 10 percent. Analysts welcome this step, believing it could calm financial markets.

However, it's important to note that this announcement does not affect existing tariffs on cars, steel, and aluminum. The base tariff rate of 10 percent will remain in effect for almost all imports into the US.

President Trump justifies the unprecedented tariffs by aiming to reduce the US trade deficit, with China having the largest imbalance. Despite the uncertainty surrounding negotiations within 90 days, some analysts are optimistic. Christopher Hodge, chief economist USA of Natixis, considers deals with other countries, as seen in Trump's first term, possible.

Alex Morris, chief investor of F/M Investments, states that the market is rejoicing. "The delayed counter-tariffs are a positive step towards resolving the trade tensions," Morris said. Charles Gasparino, an American journalist and financial correspondent, published his analysis regarding President Trump's decision to introduce new tariffs in the period around early 2018.

Meanwhile, worried US consumers may stock up on goods to protect themselves from rising prices and further fuel inflation. The impact of this decision on the consumer market remains to be seen.

As the trade war between the US and China continues, it's clear that both sides are seeking a resolution. The delayed counter-tariffs could be a step in the right direction, offering a glimmer of hope for a resolution to the long-standing dispute.