Raises China Tariffs
from: ap.com
What to know:
- President Donald Trump on Wednesday abruptly backed down on his tariffs on most nations for 90 days, but raised his duty rate on Chinese imports to 125%.
- Trump announces pause on Truth Social: Trump said that because so many countries had “not retaliated” against his latest crank higher in tariffs, he said, “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!”
- Treasury Sec. Bessent says Trump will keep 10% import tariffs: Treasury Secretary Scott Bessent told reporters that Trump was pausing his so-called ‘reciprocal’ tariffs on most of the country’s biggest trading partners but maintaining his 10% tariff on nearly all global imports.
- Global markets react: Global markets surged on the development, but the precise details of Trump’s plans to ease tariffs on non-China trade partners were not immediately clear.
Trump’s Truth Social Statement in Full:
