Often Mr. Trump’s new tariffs are layered on top of existing ones. In this case, the T-shirts were subject to a base tariff of 32 percent based on the value of the import. Many goods typically have a very low base tariff, but garments and other textile goods are subject to some of the highest tariffs.

Donald Trump may have temporarily paused his trade war with China and other countries. But the extreme economic uncertainty unleashed by the president’s tariffs still raises the question of what, if anything,

While many business owners have expressed relief at the reprieve—which as of now lasts for 90 days—a 30 percent hike in cost of goods is lot to swallow, leading some business owners to look for ways to mitigate their tariff burdens.

The result has been a raft of trade wars between Washington and other governments, Beijing foremost among them. Trump’s disruptions to the global economy are serious, and they may feel novel. But today’s situation is hardly without precedent.

This is a bigger-than-expected U-turn. Many market watchers were surprised by how much the U.S. and China agreed to cut tariffs. 2\. But the trade war is far from over. The truce lasts 90 days. However,

Stock market futures in the U.S. surged on Monday as the U.S. and China agreed to temporarily de-escalate their trade war.

Investors are hopeful that U.S.-China trade talks this weekend will cool a trade war between the world's two largest economies and dispel some of the uncertainty clouding financial markets, though few expect a major breakthrough just yet.