Hopes of a ‘Brexit benefit’ from tariffs were short-lived. Here’s what Trump’s pause means for the UK

The US has decided – again – to upend the global trading system. With the latest raft of tariffs just beginning to kick in, and after a week in which markets worldwide fell precipitously, the Trump administration announced that it would be suspending high tariffs on nearly 60 countries for 90 days.

The announcement is only a partial reprieve. High tariffs on Mexico, Canada and China, as well as on global imports of steel, aluminium and automotives, remain, as does a 10% baseline tariff on all imports.