Over in the UK, Prime Minister Keir Starmer has warned the economy is likely to struggle regardless of the tariff situation.
US President Donald Trump has adjusted every other tariff, except China's, to 10 percent for 90 days.
UK correspondent Enda Brady says it's clear negotiations between the UK and US are taking place behind the scenes - but the economy will still feel an impact.
LISTEN ABOVE

Kay Oliver: UK correspondent on Prime Minister Starmer calling an emergency meeting on economy
04:29

Lynda Keene: Tourism Export Council CEO on the rise in overseas visitors cancelling New Zealand trips
03:35

Shane Solly: Harbour Asset Management expert on oil prices rising as a result of the Middle East conflict
03:09