The China-US truce has a 12 August deadline, unlike the majority of Trump's tariffs which have a deadline of 1 August. Tariffs are taxes charged on goods bought from other countries. Typically, they are a percentage of a product's value. A 10% tariff means a $10 product has a $1 tax on top - taking the total cost to the importer $11 (£8.35).

In a Truth Social Post, the U.S. president linked Canadian Prime Minister Mark Carney's announcement that his country would recognize Palestinian statehood to the negotiations with Ottawa to stop a 35% tariff from going into effect at 12:01 am ET on Aug.