US President Donald Trump says he will pause many of his new tariffs for 90 days, even as he raised them further on imports from China.
The sudden reversal came less than 24 hours after steep new tariffs kicked in on imports from dozens of trading partners. China had lashed back with 84 percent tariffs on US goods from Thursday.
The new trade barriers have hammered markets, raised the odds of recession and prompted retaliatory responses from China and the European Union.
Major stock indexes have shot higher immediately after the announcement.
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Donald Trump and Chinese President Xi Jinping. Photo: AFP
