Economy

Trump and officials in his administration were fielding calls from worried allies, and his advisers presented him with worrying data about the bond markets.

The Democratic governor of Michigan, a potential 2028 presidential contender, traveled to Washington for the event, as well as a meeting with President Donald Trump.

Beijing, which imports far fewer goods from the U.S. than it exports, is considering a range of nontariff measures amid growing trade tensions between the world’s two biggest economies.

The president paused higher import duties for dozens of countries for 90 days but hiked levies on China to 125%.

Trump said the pause will apply to more than 75 countries but not China. Tariffs on Chinese goods will now rise to 125%.

Any doubt that the president was “all talk” about tariffs has been put to rest amid a flurry of tariffs, threats and retaliatory duties.

“There isn’t one ‘right’ response to Trump’s tariffs,” one analyst says. “China and the E.U. have different geopolitical relationships with the U.S. and different decision-making processes.”

An average rate of 29% will now be imposed for goods from dozens of nations.

Recession fears have been rising on Wall Street as the Trump tariffs spur uncertainty about how far the trade war will escalate.

The preliminary agreement will provide a welcome reprieve to President Javier Milei as he seeks to overturn the country’s old economic order.

Two of Trump’s closest advisers, Elon Musk and Peter Navarro, are publicly feuding over the president's tariffs.