US President Donald Trump has abruptly backed down on his tariffs on most nations for 90 days, but has raised the tax rate on Chinese imports to 125 per cent.

It comes after Beijing announced US exports into China will now be subjected to an 84 per cent tariff, coming into effect later today.

Chinese state media has also foreshadowed action at the World Trade Organisation.

Meanwhile, stocks have surged to one of their biggest gains since World War II after US President Donald Trump paused his tariffs against most other nations.

Back home, the Coalition started this week walking back its pledge to cut thousands of jobs in the public service, instead saying the workforce would be slimmed through natural attrition and a hiring freeze.

The opposition leader and shadow treasurer, however, have kept up the attacks on Labor's management of the budget and economy.

And if you missed it, cyber criminals have targeted customers of some of Australia's biggest superannuation funds, stealing hundreds of thousands of dollars.

The multiple breaches were discovered earlier this month, but only made public days later.

AustralianSuper was one of the worst hit with scammers accessing up to 600 customer passwords to log into accounts. 

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