Trump authorised a 90-day pause but also raised the tariff rate for China to 125%, effective immediately
International news via Reuters;
U.S. President Donald Trump on Wednesday said he would pause many of his new tariffs for 90 days, even as he raised them further on imports from China.
Trump’s sudden reversal came less than 24 hours after steep new tariffs kicked in on imports from dozens of trading partners. The new trade barriers have hammered markets, raised the odds of recession and prompted retaliatory responses from China and the European Union.
Trump said he would raise the tariff on Chinese imports to 125% from the 104% level that took effect at midnight. At the same time he said he would lower them on other countries also subject to his new targeted duties.
“I have authorized a 90 day PAUSE, and a substantially lowered Reciprocal Tariff during this period, of 10%, also effective immediately,” Trump wrote on social media.
Details were not immediately clear.
U.S. stock indexes jumped on the news. Bond yields came off earlier highs.
