Canada has effectively suspended almost all of its retaliatory tariffs on US products, tamping down inflation risks and improving its growth outlook, according to Oxford Economics.

The Asia-Pacific Economic Cooperation (APEC) grouping warned on Thursday that exports in the region will barely grow this year amid U.S. tariffs, as the 21-member bloc kicked off an annual gathering of its trade ministers.

U.S. and Chinese officials said they had reached a deal to roll back most of their recent tariffs and call a 90-day truce in their trade war for more talks on resolving their trade disputes.

Treasury Secretary Scott Bessent told reporters the two sides had agreed on a 90 day pause on measures and that tariffs would come down by over 100 percentage points to 10%.

China on Wednesday paused some non-tariff measures taken against 17 U.S. entities put on its unreliable entity list in April and 28 U.S. entities on its export control list, the commerce ministry said.

The United States and China announced that tariffs against one another will be reduced for an initial 90-day period following trade talks in Switzerland.

China trade deal will cut Trump’s “reciprocal tariff” on Chinese goods from 125% to 10%, while Beijing will also do the same.

"The tariffs are coming for my fashion and I don't know what to do," TikTok creator Ayan Broomfield said in a recent viral video, when she received a "fees and taxes," bill of $1115.98 after purchasing two items from the Scandinavian brand, Arakii.

India is considering placing tariffs on some goods produced in the U.S. to counter the Trump administration's duties on steel and aluminum products.

JPMorgan is walking back its 60% recession prediction for 2025 following the 90-day pause on trade tariffs agreed by China and the US.