The White House has not applied a baseline 10% tariff only on three nations, following this evening’s announcement made by Donald Trump. Tariffs above 10% have been paused for 90 days for all countries except Canada, China and Mexico. A White House official said that rate was never applied to those three countries.

Mr Trump posted to his Truth Social platform on Wednesday evening that he had authorised a 90 day pause in recognition of the more than 75 countries which he said had been negotiating on trade and not retaliated against his latest increases in tariffs.

US Treasury Secretary Scott Bessent later told reporters outside the White House that Mr Trump was pausing his reciprocal tariffs on most of the country’s biggest trading partners, but maintaining his 10% tariff on nearly all global imports.

China is the huge exception with Mr Trump saying tariffs are going up to 125% against its products. That decision raises the possibility of further swings ahead which could stun financial markets.

The White House official told the BBC that 25% tariffs announced on steel, aluminium and cars would remain unchanged.

Canada and Mexico were subject to an earlier round of US tariffs designed to force them into curbing the flow of illegal migrants and drugs into the United States.

A 25% tax was imposed on all goods from Canada except those under an existing North American free trade agreement.