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.

Joe Janzen, an agricultural economist at the University of Illinois, said the commodity markets have largely shaken off the initial shock of the trade war, including Trumps’ declaration of April 2 as “Liberation Day,” when he announced stiff worldwide tariffs.

Both nations pledged to cut their broad, ballooning tariffs after weekend talks. US tariffs dropped to 30% from 145%, while China’s moved to 10% from 125%, per a joint statement

Oil prices held near two-week highs in early trading on Wednesday, supported by an agreement between the U.S. and China to temporarily lower their reciprocal tariffs and a falling U.S. dollar.

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

US stock futures held steady after a strong trading session on Wall Street, where the S&P 500 erased its losses for 2025.

Tamer-than-expected inflation and a significant de-escalation of a U.S.-China trade war are easing fears of a sharp squeeze on American households and businesses in coming months, prompting Wall Street firms to pare predictions of a recession and giving the Federal Reserve room to leave interest rates where they are.

As in negotiations with foreign nations, minor concessions by drug companies are more likely than a true overhaul.

Prime Minister Mark Carney's cabinet reshuffle includes changes to the core team overseeing the fraught US-Canada relationship.

Pandora, the Danish jewelry company, said it was “battle ready,” with plans to raise prices and reroute shipments from the United States, but tariffs could potentially cost it millions of dollars.