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Nevertheless, the pause means the rates above 10% for 59 other territories will be suspended until July.

Tariffs at these sky-high rates are massively hitting business between two nations which together account for around 3% of the entire world's trade.

Leasing of buildings used to collect and distribute imported goods has slowed at least temporarily as businesses wait to see whether the tariffs take hold at their announced rates or ease through negotiations.

If the plan is approved, city lawyers would draft an ordinance establishing the higher rates, which would also require council approval.

Barclays has become the biggest UK lender so far to cut mortgage rates as the continued uncertainty caused by US tariff policy raises expectations of interest rate cuts this year.