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.

After a weekend of high-level meetings in Switzerland, the US will reduce "reciprocal" tariffs on goods from China to 10% from 125%. A separate 20% tariff imposed by Trump over what he says is China's role in the fentanyl trade will remain intact.

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,

The curtain came down on the first phase of President Trump’s tariff and trade war earlier this week, when the U.S. announced a huge reduction in levies with China. Washington and Beijing agreed

The White House backed off from the steepest levies, as the costs of an all-out trade war with China threatened global economic growth.

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,

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.