Donald Trump on Wednesday announced a 90-day pause to the sweeping tariffs he unleashed on all major US trading partners last week, triggering immediate relief on Wall Street as he backed down from a policy that threatened to upend global trade.
At the same time, Trump boosted tariffs on China to 125 per cent, doubling down on his trade war with the world’s second-largest economy.
The pause on Trump’s so-called reciprocal tariff scheme is the latest in a series of U-turns and reversals made by the US president in the chaotic trade policy rollout since his inauguration in January.
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