Trump orders 90-day pause on new tariffs except for China
President Donald Trump said he is applying a 90-day pause on new tariffs as his trade war shakes the world economy. At the same time, he announced he was raising tariff rates on China to 125%, ratcheting up his tit-for-tat with Beijing. US stocks were volatile and skyrocketed higher after Trump announced the pause.
Trump’s full statement on Truth Social:
“Based on the lack of respect that China has shown to the World’s Markets, I am hereby raising the Tariff charged to China by the United States of America to 125%, effective immediately
At some point, hopefully in the near future, China will realize that the days of ripping off the U.S.A., and other Countries, is no longer sustainable or acceptable.
Conversely, and based on the fact that more than 75 Countries have called Representatives of the United States, including the Departments of Commerce, Treasury, and the USTR, to negotiate a solution to the subjects being discussed relative to Trade, Trade Barriers, Tariffs, Currency Manipulation, and Non Monetary Tariffs, and that these Countries have not, at my strong suggestion, retaliated in any way, shape, or form against the United States, I have authorized a 90 day PAUSE, and a substantially lowered Reciprocal Tariff during this period, of 10%, also effective immediately. Thank you for your attention to this matter!”
