Halfway through President Donald Trump’s 90-day freeze on his so-called reciprocal tariffs, a persistent gripe from businesses, consumers and governments facing them is severe uncertainty.

The US and China will temporarily lower tariffs on each other’s products in a dramatic ratcheting down of trade tensions that buys the world’s two largest economies three months to work toward a broader agreement.

President Joe Biden’s administration plans one additional round of restrictions on the export of artificial intelligence chips from the likes of Nvidia Corp. just days before leaving office, a final push in his effort to keep advanced technologies out of the hands of China and Russia.

The US is preparing to slap a 200% tariff on Russian-made aluminum as soon as this week to keep pressure on Moscow as the one-year anniversary of the invasion of Ukraine nears, according to people familiar with the situation.

The US government is blacklisting Yangtze Memory Technologies Co., Shanghai Micro Electronics Equipment Group Co. and dozens of other Chinese tech companies, ratcheting up a trade conflict between the world’s two largest economies.

“We need to make these chips here in America to bring down everyday costs and create jobs,” said Biden...

President Joe Biden said his administration’s work has begun to alleviate supply-chain disruptions and that higher inflation is a “natural byproduct” of the global economy’s recovery from the pandemic.

President Joe Biden said those earning more than $400,000 a year would see a tax increase under his forthcoming economic program, highlighting the administration’s plans to address inequality in part through levies on the wealthy.