A detail from the Wall Street Journal tick-tock on Trump’s tariff retreat:

The message delivered to Trump and his top advisers by chief executives was they needed to find an off ramp.

Trump played his cards close to his vest. He told advisers that he was willing to take “pain,” a person who spoke to him on Monday said. He privately acknowledged that his trade policy could trigger a recession but said he wanted to be sure it doesn’t cause a depression, according to people familiar with the conversations.