Trump Freezes Tariffs for 90-Day while China faces 125% Duties

Spread love

Trump announces 10% Universal Baseline Tariffs Except China

By TRH News Desk

New Delhi, April 9: US President Donald Trump paused tariffs for all the countries except China. While 10 per cent tariffs will stay for all countries, Trump announced that China will face a cumulative 125 per cent tariffs.

“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,” said Trump in a post on his social media platform Truth Social.

The US President also announced that “I have authorized a 90-day PAUSE, and a substantially lowered Reciprocal Tariff during this period, of 10%, also effective immediately”. The White House Spokesperson Karoline Leavitt told reporters that “the universal 10 per cent baseline tariff will remain in effect during the 90-day pause”. She said that 10 per cent tariffs will be for everyone except China.

The US stock market zoomed with gains in the range of six to eight per cent after the announcement by Trump. NASDAQ was higher by over eight per cent in early trades on Wednesday.

Trump said that the 90-day window will be used for negotiations with almost 75 countries. “…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…,” said Trump in his post on Truth Social.

The U-turn on tariffs by the US came on the back of an extraordinary rout in the global stock markets. Estimates suggested that more than $15 trillion of wealth was wiped out since Trump began talking of tariffs.

China, Canada, and the European Union had announced retaliatory tariffs on the US. China went steps ahead of others by matching additional tariffs announced by the US.

The US imposed additional 50 per cent tariffs to already announced 54 per cent tariffs to make it a cumulative 104 per cent. With China again retaliating, the US tariffs now on the Communist-ruled nation stands at a whopping 125 per cent.

China also launched social media campaigns against Trump to suggest that the US President is taking the global economy to the days of Great Depression of 1930s with tariffs.

Join the WhatsApp Channel of The Raisina Hills

Follow on Google News https://news.google.com/publications/CAAqBwgKMNK2vwsw39HWAw?hl=en-IN&gl=IN&ceid=IN%3Aen