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US President Donald Trump announced a 90-day suspension of tariffs for most countries amid a market downturn, but has decided to increase tariffs on China to 125%, effective immediately.
Trump made the announcement on Truth Social, stating that the move was in response to China’s lack of respect for global markets, reported AP. “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,” he wrote.
The market reacted positively, with Wall Street’s main indexes soaring after the announcement of the tariff pause for most nations. However, details about the specifics of easing tariffs on countries other than China remain unclear.
The tariffs, which began on April 4, had previously imposed rates of 104% on Chinese goods, 20% on the European Union, 24% on Japan, and 25% on South Korea. While administration officials have sought to reassure the public, Republican lawmakers, and business leaders that the tariff rates are negotiable, they acknowledged that negotiations could take months.
