The Chinese burn.

US President Donald has shelved plans to hike tariffs on most countries except China by announcing a 90-day pause and pulling back from his global trade war. It comes after days of market turmoil and recession warnings. After insisting for days that he would hold firm on his aggressive trade strategy, Trump announced that all countries that had not retaliated against US tariffs would receive a reprieve – and only face a blanket US tariff of 10% – until July. Asked why he had implemented the halt, the US president told reporters: “People were jumping a little bit out of line. They were getting yippy.” However, as Beijing prepared to slap retaliatory 84% tariffs on US goods from today, Trump said he would raise US tariffs on Chinese exports to 125% effective immediately.