Retail stocks saw a strong rally after President Donald Trump announced a 90-day suspension of additional tariffs for several countries that have not imposed retaliatory duties against the US.
Among the nations benefiting from this reprieve are key suppliers to numerous apparel and footwear brands. However, global supply chains remain in flux as new trade agreements have yet to be finalised. Major production centers such as Vietnam, Indonesia, and Cambodia have already expressed interest in pursuing negotiations with the United States.
Trump’s policy shift came just 13 hours after the European Union and 56 other countries imposed steeper retaliatory tariffs, a development that spurred fears of a recession and shook financial markets.
A White House official confirmed that countries previously hit with the new reciprocal tariffs at midnight would now revert to the standard 10 per cent baseline rate, which still applies to most nations, excluding China. Due to its lack of engagement in talks, China’s tariffs were raised to 125 per cent.
