Tariffs latest: Beijing takes fight to Trump – as global markets rally after tariff U-turn

If you’re just catching up – the story in 200 words Stock markets have rallied after Donald Trump reversed most of his tariffs for 90 days. The US president’s top-level import taxes have been paused – instead a default 10% tariffs will apply to almost all countries. China is the main exception (as well as Canada and Mexico), with Trump imposing a huge 125% tariffs after Beijing retaliated to his trade war with an 84% tariff of its own. Trump has indicated that the 90 days will be used to strike deals and claims around 75 countries have asked the…