Even after Trump’s reversal, with China being taxed at such a high rate, a number of goods may well rise in price.

W hILE the tariffs announced on April 2nd were met with panic and consternation around the world, Mexico celebrated. Along with Canada, it was exempted from sweeping “reciprocal” tariffs imposed by the United States. President Claudia Sheinbaum hailed the escape as “good for the country”. The Mexican peso rose, as did the country’s stockmarket.

Prime Minister Mark Carney of Canada has announced reciprocal tariffs on U.S.-made vehicles as President Donald Trump's sweeping tariffs went into effect, sending shockwaves through the global financial system.

Trump announced a 90-day pause on most country-specific tariffs, but left other duties in place. Here's a look at where things stand and what could happen next.

President Trump's 90-day pause on reciprocal tariffs marks a "welcome reprieve" for the global economy, said Canadian Prime Minister Mark Carney. The former chief central banker in Canada and England had warned just this week that the likelihood of a recession in the U.

In response to Trump's barrage of tariffs, companies signaled price hikes and others halted US orders as they navigate the highly fluid situation.

The European Union will launch its first countermeasures against U.S. President Donald Trump's tariffs next week, the bloc's members agreed on Wednesday, joining China and Canada in retaliating and escalating a global trade conflict.

The Trump administration is following through on a threat to add a 50% tariff on Chinese goods, in addition to 34% reciprocal tariffs, raising the overall tariff rate on Chinese goods to 104%. The steep new duties on China and 184 other US trading partners take effect at 12:01 a.