Trump's tariff pause nears expiration as global markets anticipate disruption

As the 90-day pause on President Donald Trump's sweeping new "reciprocal" tariff regime approaches its expiration at 12:01 a.m. ET (9-31 PM IST) on July 9, uncertainty hangs heavy over global markets, U.S. trade partners and investors alike.

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Announced on April 2 and dubbed "Liberation Day" by the president, the new tariff schedule introduced "reciprocal" rates on imports, some of which reached an unprecedented 50%. The move was described by analysts as the most protectionist U.S. trade policy in over a century and prompted dire warning from economists about the potential for a cascading global slowdown.

As the tariffs went into effect on April 9, they sparked a selloff on Wall Street and the bond market rebelled, forcing Trump to announce a three-month pause to give countries more time to solidify deals with the US, saying investors "were getting a little bit yippy, a little afraid", reports CNN.