In a surprising move, U.S. President Donald Trump has decided to temporarily halt part of his tariff campaign against global trade partners. He plans to reduce duty rates on goods from various countries for a 90-day period to facilitate negotiations for lower trade barriers. However, tariffs on Chinese goods have been raised to 125%, amidst escalating trade tensions. This adjustment comes following a turbulent week in the financial markets, with trillions of dollars of stock value being wiped away, adding further uncertainty to the purpose of Trump's tariff policies.

Here are the key points of Trump's recent action:

- The majority of countries will face a 10% import tariff over the next 90 days, as Trump has paused his plans for reciprocal tariffs. - Higher reciprocal tariffs imposed on 57 trading partners have been temporarily suspended for 90 days, with countries like the European Union, Japan, and South Korea reverting to a 10% duty rate. - The 10% tariff rates that were initiated on April 5 for countries like Brazil, Australia, Britain, and Colombia will remain in effect for the next 90 days. - The tariffs on Chinese goods have been increased to 125% as part of the ongoing trade dispute. - Canada and Mexico remain exempt from new tariffs for now, but their goods are still under the threat of 25% fentanyl-related tariffs if they fail to comply with the rules of origin from the U.S.-Mexico-Canada trade agreement. - The 25% tariffs on steel and aluminum, implemented in March, and on autos, effective since April 3, remain active. Tariffs on auto parts will be enforced from May 3. - Exemptions for certain sectors like copper, lumber, semiconductors, pharmaceuticals, and critical minerals from global tariffs will continue. However, future trade investigations are expected to lead to separate tariffs on these sectors and additional exemptions for energy products.