By Dietrich Knauth, Blake Brittain NEW YORK (Reuters) -Five American small businesses asked a U.S. court on Tuesday to halt President Donald Trump's "Liberation Day" tariffs, arguing that he overstepped his powers by declaring a national emergency to impose across-the-board taxes on imports from nations that sell more to the United States than they buy.

Prior to the agreement, the U.S. had imposed tariffs of 124.1% on Chinese goods, a significant increase from 20.8% at the start of 2025.

Brazil's central bank said Monday it will sign a currency swap agreement with the People's Bank of China, with a maximum outstanding value of 157 billion reais ($27.69 billion) and a five-year term.

Under the new 90-day agreement, tariffs on Chinese goods will come down to 30 percent; China’s tariffs on American goods will likewise decline to 10 percent.