Washington: Facing a global market meltdown, President Donald Trump on Wednesday abruptly backed down on his tariffs on most nations for 90 days, but raised his tax rate on Chinese imports to 125 per cent.

It was seemingly an attempt to narrow what had been an unprecedented trade war between the US and most of the world to one between the US and China.

Global markets surged on the development, but the precise details of Trump’s plans to ease tariffs on non-China trade partners were not immediately clear.

European Union member states voted Wednesday to approve retaliatory tariffs on USD 23 billion in goods in response to US President Donald Trump’s 25 per cent tariffs on imported steel and aluminum, as the largest US trading partner described them as........

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