Trump's trade deal with China and pause on the highest tariffs means another surge is coming in global trade, but business uncertainty isn't going away.

Donald Trump said he would raise tariffs on China if the two countries failed to reach a trade deal in 90 days, but would stop short of ratcheting them back up to 145 per cent.

But on Monday, Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer said the two sides had agreed to a 90-day tariff truce of sorts, with the U.S. dropping duties on Chinese goods to 30% and Beijing cutting import taxes on U.S. products to 10%.