Markets have been losing many of yesterday's historic gains.

US markets climbed steeply after Donald Trump paused higher tariffs on most countries – locking them at 10%.

However, they plunged again after the White House confirmed tariffs on Chinese goods are now at 145%.

Business journalist Peter Lewis told Mike Hosking the up-and-down is likely to continue until investors have certainty about what's happening.

He says while there is a pause, the tariffs haven’t gone away altogether, and that will lead to a lot of volatility in the market.

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Ep 288 Oh my god! Chuck Todd!