President Trump announced on Wednesday that he would suspend the imposition of retaliatory tariffs for the next 90 days, citing new negotiations with foreign countries on trade issues. However, he stated that the pause does not apply to China, announcing that instead, he would raise tariffs on its exports to 125 percent, after Beijing announced a new round of retaliatory measures.
"Due to the disrespect that China shows to global markets, I am raising the tariffs imposed by the US on China to 125%, effective immediately. At some point, hopefully in the near future, China will understand that exploiting the US and other countries is no longer acceptable," he wrote on his social media Truth Social.
Trump also reported that more than 75 countries have approached the US requesting tariff negotiations, and a delay has been implemented for these countries, which also takes effect immediately and will last for 90 days.
White House Press Secretary Karoline Leavitt stated that as a result of the negotiations, tariffs could be reduced to 10%, which is a significant reduction for many countries.
On the news of the tariff suspension, stocks surged again. The S&P 500 index jumped more than 5 percent. The Nasdaq Composite rose more than 6.5%, Nasdaq Composite by 8%, and the Dow Jones Industrial Average increased by 5.76%. As Reuters writes, the sharp rises reflect investors' dissatisfaction with the tariffs announced last week and their relief that there is now some delay.
Photo: The New York Times