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President Trump abruptly announced a 90-day pause on the steep tariffs that went into effect Wednesday -- except for China.
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Trump has said he is authorising a universal "lowered reciprocal tariff of 10%" for most countries, except China, while tariff negotiations continue.
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But Trump also raises tariffs on goods from China to at least 125% "effective immediately".
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The S&P 500 spiked, showing widespread relief in markets as President Trump backed away from high tariffs for most countries, except for China.
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Manufacturers and exporters are scrambling after 104% tariff on China-made goods comes into effect.
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Donald Trump's move to impose tariffs on goods from around the world is leaving companies scrambling to decide where and how their goods are produced.
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Trump also announced a China tariffs increase to 125%.
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In a dramatic move Wednesday, Trump authorized a 90-day pause in the higher tariffs for most countries he announced last week while maintaining a 10% universal tariff.
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Markets in Asia and Europe slumped as tariffs on products from 86 countries kicked in and Trump signaled a new tariff on pharmaceuticals. China said it would protect its economy but that it was also open to dialogue.
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