Less than 24 hours after the US trade tariffs took effect, US President Donald Trump authorized an immediate 90 day pause on all tariffs, with the exception of China.

In Truth Social post this afternoon, Mr Trump applied a reduced tariff rate of 10% on imports from most US trade partners.

He said the move comes after his administration received calls from 75 countries who wanted to engage in trade negotiations.

The President also said he was raising the tariffs charged to China to 125% “effective immediately”, adding that it was due to China’s lack of respect shown to the World’s Markets.