US President Donald Trump has backflipped on his onerous tariffs overnight, implementing a 90 pause across all countries.
China, however, will be hit with 125% tariffs, with the President claiming the country has shown "a lack of respect to the world's markets."
The pause - which came just hours after the reciprocal tariffs came into effect - will see imposts of up to 50% on countries like Vietnam and Cambodia reduced to the 10% baseline rate already given to Australia.
President Trump said he made the decision because he "thought that people were jumping a little bit out of line ... they were getting a little bit yippy, a little bit afraid."
Wall Street surged immediately, with the major indices up 10pc or more.
Futures trading suggests the local market will open 6% higher.
Forwarded from a friend? Sign up to our daily newsletter
