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.

With the dust now settled on the euphoric market rebound following President Donald Trump's trade war climb-down, investors are realizing that the global economy still faces the most punishing U.S. tariffs in nearly 100 years.

News of the US president's plan to halt higher-band taxes came as a surprise on Wednesday, but was it part of a plan?

Major stock indexes and the U.S. dollar dropped on Thursday, with the S&P 500 ending down more than 3% as investors remained skittish, a day after U.S. President Donald Trump's move to temporarily lower tariffs on many countries caused a massive relief rally.

Yet the key factor was surely the precipitous slide in the markets — above all the mighty US government bond market. White House officials’ brazen assertions that Trump ’s retreat was all part of a grand negotiating strategy were belied by his admissions about people “getting yippy”.

China's exports likely picked up pace in March, as factories rushed out shipments ahead of U.S. President Donald Trump's sweeping tariffs this month, though the broadening trade war with the United States has darkened the economic outlook.

President Donald Trump's tariffs on dozens of countries took effect on Wednesday, including huge 104% duties on Chinese goods. Trump nearly doubled duties on Chinese imports, which had been set at 54% last week,