Trump Pauses Reciprocal Tariffs For 90-Days For Countries That Didn't Retaliate

1 week ago President Donald Trump on Wednesday abruptly backed down on his tariffs on most nations for 90 days, but raised his tax rate on Chinese imports to 125%.It was seemingly an attempt to narrow what had been an unprecedented trade war between the U.S. and most of the world to one between the U.S. and China.

Trump will keep a 10% baseline tariffs on most countries while escalating action against China.

Global markets surged on the development.