Washington: US President Donald Trump has suspended the decision to impose new tariffs, following consultations with Treasury Secretary Scott Bissett and Commerce Secretary Howard Loretic.

According to National Iraqi News Agency, the suspension marks a significant shift in Trump’s initial stance on imposing tariffs on imports. Bissett and Loretic managed to persuade the president to put a hold on some tariffs, opting to announce their suspension in a bid to soothe financial markets.

The report highlights that the absence of Trump’s international trade advisor, Peter Navarro, played a crucial role in the decision. Navarro, a proponent of the tariff imposition, was in another suite at the White House during the meeting, which allowed Bissett and Loretic to present their case and sway the president’s decision.

Previously, on April 2, Trump had signed an executive order to impose “reciprocal tariffs” of 10% on imports from various countries. The order also included higher tariffs set to begin on April 9, targeting 57 countries based on the US trade deficit with each, aiming for a trade balance.

However, on April 9, Trump announced a suspension of these higher tariffs for over 75 countries that had not retaliated and expressed willingness to negotiate. The move involves maintaining the basic tariffs of 10% for 90 days, with China remaining an exception to this suspension.