Trump will explain tariffs on electronics on Monday

Clapping and cheering erupted during a closed lunch for Senate Republicans when news arrived that President Donald Trump had announced his change on tariffs, senators in the room said.

"I think it really lightened up the lunch discussion. I think we were all happy to see a hockey stick on the reports coming out of New York," Sen. Mike Rounds, R-S.D., said. "A lot of smiles."

Trump's announcement on Truth Social came as a surprise to several Republicans.

Sen. Chuck Grassley, the lead Republican on legislation that would require Congress to vote on new tariffs within 60 days of their implementation, called the announcement "good news."

"It means that there is some moderation. Some predictability. Things are moving. It will bring credibility to the whole process," said Grassley, an Iowa Republican.

Still, there's some skepticism among members who have been more vocally critical of the tariffs over the last few weeks.

"The reality is that probably slows down any escalation, it doesn't do much for certainty," said Sen. Thom Tillis, R-S.C. "Now I think the next phase needs to be really moving quickly on deal flow for the major trading partners."

Tillis said the 90-day reduction may "calm the markets down" but that negotiations need to be solidified to ease business concerns.

"Why would why would any business adviser recommend to a board or to a CEO to deploy capital now when you don't know what the long-term cost is going to be and the tax environment?" Tillis said.

-ABC News' Isabella Murray and Allison Peccorin

President Donald Trump told ABC News Chief White House Correspondent Mary Bruce on Monday that he was "not looking at" a pause on tariffs.

Asked about the apparent reversal and his credibility by another reporter on Wednesday, Trump said "you have to have flexibility."

"I could say, here's a wall and I'm going to go through that wall. I'm going to go through it no matter what. Keep going. And you can't go through the wall. Sometimes you have to be able to go under the wall, around the wall or over the wall," Trump said.

"But over the last few days it looked pretty glum," he acknowledged, before quickly touting the uptick in the markets after his pause announcement.

President Donald Trump was asked whether the change in the bond markets was a factor in changing his tariff policy.

The president said he was watching bond market and called it "tricky."

"I was watching it, but if you look at it now, it's beautiful. The bond market right now is beautiful. but, yeah, I saw last night where people were getting a little queasy," he said.

Trump quickly changed the subject and praised Republicans for supporting his policies.

"A deal can be made with everyone," President Donald Trump said as he took some questions in the White House driveway after announcing a pause for some tariffs for nations that want to negotiate.

"A deal is going to be made with every one of them, and they'll be fair deals. I just want fair deals," Trump said.

Trump said he believed China wants to make a deal, despite tariff tit-for-tats escalating between the U.S. and Beijing.