It could have been worse, but it’s still not good. Many company bosses will have been relieved at Donald Trump’s 90-day delay in imposing “reciprocal” tariffs on imports to America from most countries, announced on April 9th. But a basic levy of 10% still applies. And the pause will not extend to countries that have dared to retaliate. This includes China, which raised tariffs on American goods to 84%, and now faces a tariff of 125%.