As President Donald Trump reversed course on steep global tariffs Wednesday, few countries breathed a bigger sigh of relief than Vietnam, which had braced for a whopping 46 percent tariff rate — threatening a booming export-led manufacturing sector that has made it the fastest-growing economy in Southeast Asia.

Vietnam remains on edge, even though Donald Trump has put sweeping tariffs on hold, granting the Southeast Asian country a 90-day window for negotiations. As Trump announced 46% tariffs on Vietnamese imports last week — the highest among Southeast Asia’s six largest economies — the country’s manufacturing hub of Bac Ninh was gripped by uncertainty.

The tariffs will hack at the root of Vietnam’s export-oriented economic model. In recent years its economy has benefited from manufacturers diversifying away from China, growing by an average of 7% a year over the past decade (excluding the pandemic).

In a stunning reversal, U.S. President Donald Trump said he would temporarily lower the hefty duties he had just imposed on dozens of countries while further ramping up pressure on China, sending global stocks rocketing higher.

In the aftermath of Wednesday’s tariff whiplash, President Donald Trump is deciding exactly what he wants out of trade talks with as many as 75 nations in the coming weeks.

President Donald Trump said Wednesday he will pause reciprocal tariffs for 90 days to more than 75 U.S. trading partners except for China, whose tariff rate he said will increase to 125%, effective immediately.

Oil prices retreated by more than 2% on Thursday as fears of a deepening U.S.-China trade war and a possible recession eclipsed earlier relief created by President Donald Trump's announcement of a 90-day pause on some tariffs against most countries.

China's finance ministry has announced an 84% tariff on goods imported from the US, retaliating against recent levies imposed by the White House. The hike in tariffs, from 34%, came after US President Donald Trump's 104% tariff on Chinese goods came into force on Wednesday - they were later increased to 125%.

U.S. President Donald Trump on Wednesday abruptly paused part of his tariff assault on global trading partners, dialing back duty rates on goods from many countries for 90 days to allow room to negotiate lower trade barriers,

The announcement of Donald Trump's so-called "reciprocal tariffs" on 2 April - what he called "liberation day" - sent a shockwave through the global trading system and financial markets. And the President's 90-day pause on some of these tariffs on 9 April set off a relief rally in stock markets.

India wants to move quickly on a trade deal with the United States, a government official said on Thursday, after President Donald Trump's decision to pause reciprocal tariffs on dozens of countries,

The US has announced the suspension of additional tariffs on India for 90 days until July 9 this year, according to the White House executive orders. On April 2, US President Donald Trump slapped universal duties on about 60 countries exporting goods to America and additional steep levies on countries like India The US imposed an additional import duty of 26 per cent on India.