In early April, historic tariffs of 10% on nearly all countries in the world went into effect in a move that was seen as just the latest escalation in President's Trump absolutist tariff war.

But in the month since — with some exceptions and plenty of White House saber-rattling — the direction of Trump's trade war has mostly been moving in the direction of easing.

The president has offered, by Yahoo Finance's count, at least five significant rollbacks of his previously absolutist tariff agenda and rhetoric over that time — including some moves he and his team previously said would never happen.

"I'm giving them a little bit of a break," said Trump during a Michigan rally this week of his latest adjustment on auto tariffs, adding, "it's called a little flexibility."

That flexibility has indeed been in evidence for weeks now, with Trump offering retreats on things like reciprocal, technology, and automaker tariffs as well as rhetorical shifts on his approach to China and specific companies.

It's an important shift to close out Trump's first 100 days in office and a reflection of how the president's tariff plans bumped up against the reality of the markets and the global economy.

White House officials deny there is any shift underway, saying instead the president's door is always open for talks and it's part of a negotiating process that will lead to better results down the line.

"Trust in Trump," White House press secretary Karoline Leavitt offered at one point recently on the question of ongoing disruptions.

Either way, stocks have responded.

The benchmark S&P 500 (^GSPC) hit a low of 4,835 on April 7, according to Yahoo Finance data. That was just before Trump’s first major concession.

That came April 9, when he announced he would authorize a 90-day pause on his reciprocal tariff plans (leaving those April 5 10% duties in place but pausing a second wave that had been planned on top of them) because he noted people were "yippy" and "afraid".

Markets have often been on the rise since then, but the path ahead is still uncertain, with many of Trump's concessions described as temporary and the president often laying out a vision of tariffs that sees duties high and in place for years.

A series of concessions

China was not included in the April 9 pause, with Trump instead raising rates on that country to an eye-watering 145%.

But China and President Xi Jinping only had to wait a few days for significant concessions, with the White House revealing on April 11 an important win for Apple (AAPL) and other China-dependent technology giants in the form of exclusions for smartphones, computers, semiconductors, and other electronics from the president's "reciprocal" tariffs.

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That was followed by two key rhetorical shifts. 

On April 14, Trump said that tariff exceptions for companies could be a feature of his plans going forward, noting, "There'll be maybe things coming up ... I helped [Apple CEO] Tim Cook recently."

Then, on April 22 — day 93 of Trump's presidency — he offered a new vision of the endgame for talks with China. He suggested that the 145% tariff was a negotiating tactic.

"145% is very high, and it won't be that high," he said of his plans for duties on Chinese goods. "It will come down substantially, but it won't be zero."

It was a White House shift — first telegraphed by Treasury Secretary Scott Bessent — that gave markets a 2.5% boost.

Trump's latest pivot came this week as he signed executive orders to provide some exemptions and rebates on tariffs on foreign cars and parts imports from overseas.

"Ford welcomes and appreciates these decisions by President Trump," Ford (F) CEO Jim Farley said in response to the move.

Businesses looking for 'anything that's thrown their way'

The outstanding question as markets look to Trump's next 100 days is perhaps whether Trump's moderating moves on tariffs and receptiveness to business concerns will last.

"Right now they're going to be happy with anything that's thrown their way," Cox Automotive executive analyst Erin Keating said in a live appearance on Yahoo Finance, referring to the auto tariff reductions.

She added that uncertainty for automakers and other importers is still predent and the move is "not overwhelming me with a lot of great news from the bottom-line perspective.”

And rhetorically at least, Trump has said he has the same endgame in mind as ever, calling most relief temporary with negotiations ongoing that may lead to continued disruptions — but ending with a better deal for the US.

That uncertainty is unlikely to dissipate anytime soon, as Trump is also clear about what he intends to do if talks don't go his way.

Speaking of his reprieve on autos this week, Trump reiterated that he views them as a temporary measure to give automakers a window to move their production to the US.

"We'll give them a little time before we slaughter them if they don't do this," Trump said.

Ben Werschkul is a Washington correspondent for Yahoo Finance.

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