U.S. President Donald Trump announced a 90-day suspension of “reciprocal” tariffs on over 75 countries engaged in trade talks with the U.S.
This move lowers their tariff rate to 10%. The pause comes just hours after the global tariff policy took effect amid a volatile week for global markets.
Trump also declared that tariffs on China would be increased to 125%, citing disrespect towards the global markets.
“I did a 90-day pause for countries that didn’t retaliate,” Trump said outside the White House. “China retaliated, so they face higher tariffs.”
U.S. markets reacted positively to the announcement after a week of steep losses, although the pause doesn’t apply to ongoing tariffs on steel, aluminum, autos, or Canadian goods and energy outside of trade rules.
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