Facing a global market meltdown, US President Donald Trump has abruptly backed off his tariffs on most nations for 90 days even as he further increased the tax rate on Chinese imports to 125%.It was seemingly an attempt to narrow what had been an unprecedented trade war between the US and most of the world to a showdown between the US and China.The S&P 500 stock index jumped 9.5% after the announcement, but the drama over Mr Trump's tariffs is far from over as his administration prepares to enga

Facing a global market meltdown, US President Donald Trump has abruptly backed off his tariffs on most nations for 90 days even as he further increased the tax rate on Chinese imports to 125%.It was seemingly an attempt to narrow what had been an unprecedented trade war between the US and most of the world to a showdown between the US and China.The S&P 500 stock index jumped 9.5% after the announcement, but the drama over Mr Trump's tariffs is far from over as his administration prepares to engage in country-by-country negotiations. In the meantime, countries subject to the pause will now be tariffed at 10%.