While the varied "reciprocal" tariffs announced last week are on pause, universal 10% tariffs and sector-specific import taxes could still have major effects on the economy.

The move comes in the wake of the latest round in the tariff wars initiated by U.S. President Donald Trump, where he announced a 90-day pause for several countries but increased tariffs on Chinese goods to 125%. China’s retaliatory tariffs are at 84%.