- Donald Trump has appeared to announce a 90-day pause on tariffs for 75 countries that haven't retaliated against US levies and are willing to negotiate trade terms.
- At the same time, he intensified the trade war with China by imposing a 125 per cent tariff on Chinese goods in response to China's retaliatory 84 per cent tariffs on US goods.
- This announcement follows a week of global economic turmoil and concerns about rising US Treasury yields.
- The cost of long-term borrowing also rose for the UK government after 30-year gilt yields reached their highest point since 1998 on Wednesday.
- While the tariff pause offered some relief to global markets, the escalating tensions with China continue to pose a significant economic threat.
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