Trump will explain tariffs on electronics on Monday

Chris Farley, the owner of Pacers Running in Alexandria, Virginia, shrugged his shoulders and shook his head when he learned about the news of President Donald Trump's change in his tariff plan.

"This is the world we're in now. What I was hoping for was some predictability for life and work, and this is just so challenging. That's great news-- maybe I should react that's great news. But what does that mean for tomorrow? Like I just-- it's hard to understand what's actually happening," he said.

Farley said he and the vendors he works with are struggling to figure out the best prices and margins to operate with.

"I am measured in my responses now. I'm really going to stay medium on any sort of news that comes out," he said.

Farley said he's worried how much his customers will be able to bear, telling us he's been told one shoe he sells could immediately jump from $165 to $220.

"I can't sell this for $220" he said,

When asked for his message to the administration, prior to Trump's announcement, Farley joked, "First off, I'd like everybody to go for a run. I think you'll get a level head."

"I would say to the folks in charge that these are real impacts on real people, real people with families that are hardworking Americans, who have running stores or have small businesses. And these are real impacts that we're juggling," he added.

-ABC News' Mary Bruce and Molly Nagle

Goldman Sachs economists are reverting to a baseline forecast of no recession following President Donald Trump's announcement of a 90-day pause on reciprocal tariffs for most countries. The economists still predict a 45% possibility of recession.

-ABC News' Zunaira Zaki

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.