China raised its total retaliatory tariff on U.S. imports to 125% today after the Trump administration clarified yesterday that U.S. duties on Beijing are actually 145% because of earlier fentanyl-related levies.

President Donald Trump was set to meet with his Cabinet on Thursday in the 11 a.m. hour, according to the White House schedule. It comes after Trump changed course on tariffs on Wednesday, abruptly backing down on most of his severe levies against dozens of trading partners for 90 days while leaving in place a baseline 10% tariff on nearly every nation.

US President Donald Trump's political allies reacted with relief after Wednesday's U-turn on tariffs, insisting it was part of a wider plan. Trump backed down from imposing worldwide higher-rate tariffs,

A number of import taxes are still in place, and with many back-and-forth tariff actions and threats, it can be tough to keep track of where things stand.

From the daily newsletter: how turbulence in the bond market likely inspired the Administration’s change of course.

US President Donald Trump's political allies reacted with relief after Wednesday's U-turn on tariffs, insisting it was part of a wider plan. Trump backed off imposing worldwide higher-rate tariffs, or taxes on imports.

America’s trading partners around the globe reacted with a mixture of relief and bewilderment to President Donald Trump’s eleventh-hour decision to pause some of his most aggressive tariffs.

Trump's turnabout, which came less than 24 hours after steep new tariffs kicked in on most trading partners, followed the most intense episode of financial market volatility since the early days of the COVID-19 pandemic.