While the varied "reciprocal" tariffs announced last week are on pause, universal 10% tariffs and sector-specific import taxes could still have major effects on the economy.

Trump's "reciprocal" tariffs, which took effect at 12:01 a.m. ET Wednesday, has unsettled global markets and international trade.

New levies mean that in many cases, the U.S. will be charging other countries more than what they charge America.

Consumer sentiment plunged 11% this month to a preliminary reading of 50.8, the University of Michigan said in its latest survey released Friday, the second-lowest reading on records going back to 1952.

The U.S. and China have escalated trade war by raising tariffs even as Trump hit a pause on tariffs for other countries.

Donald Trump announced a massive tariff plan last week that would have upended the global economic order as well as long-established trading relationships with America's allies. But that plan - or at least a significant part of is - is on ice after the president suspended higher tariffs on most countries for 90 days while leaning into a trade war with China.

President Donald Trump's trade war rattled global markets anew on Thursday as stocks and oil prices sank amid fears China may once again respond in kind with higher tariffs to match the latest levies imposed by the United States.

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.