#TariffPause
There has been a historic upheaval in American trade policy.
The announcement of Donald Trump's so-called "reciprocal tariffs" on 2 April - what he called "liberation day" - sent a shockwave through the global trading system and financial markets.
And the President's 90-day pause on some of these tariffs on 9 April set off a relief rally in stock markets.
But where has the rollercoaster of new US tariff announcements - and partial reversals - actually left the situation?
And what will it all mean for global trade?
What does the pause mean?
The announced pause only applies to some of the new tariffs - taxes on imports - that Donald Trump announced on 2 April.
The new minimum 10% tariff rate, which came into effect on Saturday 5 April, is still in place for goods coming from all countries, including the UK.
There are exemptions for pharmaceuticals and microchips and some other items.
But that 10% tariff in itself is a major change in America's trading relations with all other countries.
And for China, the rate will not fall at all but will be hiked further to 125%, plus another 20% linked to the drug fentanyl.
Nevertheless, the pause means the rates above 10% for 59 other territories will be suspended until July.