Deep dive into 2025’s shifting U.S. tariffs, from ‘Liberation Day’ to China and India moves, with inflation impacts, court challenges, and holiday retail risks.

US President Donald Trump said he will hold off on raising tariffs on Chinese goods over the country’s purchases of Russian oil, citing progress he said was made with Vladimir Putin toward ending the war in Ukraine.

President Trump’s order continues a reprieve from the threat of escalating tariffs and export controls, which rocked the global economy earlier this year.