Watch live as Donald Trump holds his first cabinet meeting after announcing a 90-day pause on his sweeping trade tariffs.
The pause on the US president’s so-called ‘reciprocal’ tariffs prompting instant relief on Wall Street as he stepped back from a policy that had posed a major threat to global trade stability.
A temporary reduction was imposed for more than 75 countries, leaving in place a baseline 10% tariff. For Chinese goods, however, the tariff will now rise to 145%, intensifying the trade war between the US and China - the world’s second largest economy.
The suspension of Trump’s tariff initiative marks the latest in a string of policy reversals and abrupt changes made by the President in the chaotic trade policy rollout since his inauguration in January.
