Although President Donald Trump was able to resist the stock market sell-off, once the bond market began to weaken too, it was only a matter of time before he folded on his eye-wateringly high tariffs. Trump has announced an immediate 90-day pause, during which time all countries will have their reciprocal tariff rates set to the minimum 10%. The notable exception is China, with Trump announcing an additional ~21% increase in the reciprocal tariff on his nemesis, taking the overall increase in the effective tariff rate on China to ~125%.
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