Daily SumUp

Suddenly, Donald Trump's trade war is in much sharper focus.

Rather than a fight on all fronts against the world, this now looks far more like a fight on familiar Trumpian territory: America v China.

The 90-day pause on the higher "retaliatory" tariffs levied on dozens of countries still leaves a universal across-the-board tariff of 10% in place.

But China – which ships everything from iPhones to children's toys and accounts for around 14% of all US imports – has been singled out for much harsher treatment with an eye-watering rate of 125%.

Trump said the increase was due to Beijing's readiness to retaliate with its own 84% levy on US goods, a move the president described as showing a "lack of respect".

But for a politician who first fought his way to the White House on the back of an anti-China message, there is much more to this than simple retaliation.

For Trump, this is about the unfinished business of that first term in office.

"We didn't have the time to do the right thing, which we're doing now," he told reporters.