President Donald Trump said today that he will pause for 90 days the “reciprocal” tariffs above 10 percent that he imposed on dozens of trading partners and that he will raise duties on Chinese imports to 125 percent. The president’s about-face comes roughly 13 hours after higher reciprocal duties on 56 nations and the European Union went into effect, a move that fueled market turmoil and stoked recession fears. The president came under massive pressure from business leaders and investors to reverse course.
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