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President Trump on Wednesday temporarily backed down on his tariffs on most nations for 90 days, but raised his tax rate on Chinese imports to 125%.

US shares have rocketed after US President Donald Trump said he would suspend higher tariffs on goods from most countries, and instead impose a 10% import tax rate.

It is the head of American corporations who opened subsidiaries in Ireland, where there is a low tax rate, and put manufacturing in Vietnam or Cambodia.

But to follow the strict rules of budget reconciliation, Congress had to let key provisions expire, most notably the reduction of individual income tax rates.

It means that while income tax rates have not risen, the income levels at which they are paid have been frozen, and will continue to be so until 2028.