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Markets in Japan, South Korea and Taiwan soar after the U.S. president pauses punishing tariffs. Gains in mainland China were modest as trade hostilities heat up between Washington and Beijing.
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There is much more to this than straightforward retaliation, writes John Sudworth, and it traces back to his first term.
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Trump has said he is authorising a universal "lowered reciprocal tariff of 10%" for most countries, except China, while tariff negotiations continue.
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The US is now making nice - or at least nicer - with nations that had faced their retaliatory trade fire, writes Anthony Zurcher.
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