President Donald Trump said he will suspend higher mutual tariffs for 90 days with dozens of trading partners, whilst raising his duties in China to 125%.
On the presidential side, it occurred about 13 hours after the 56 countries and the European Union fulfilled their higher mutual obligations, and is a movement that has fueled the fear of market disruption and recession. The president has been under great pressure from business leaders and investors to reverse the course.
“I allowed a 90-day suspension and the reciprocal tariff, which had a massive 10% drop in over this period, was soon in effect,” Trump posted on social media.
It was not immediately clear which countries would receive the tariff relief. Those who do so are still taxed at the 10% baseline rate that took effect on Saturday. Trump has contacted his administration to negotiate trade barriers and said “my strong proposal has not retaliated in any form or form.”
Trump also said he is raising prices in China over his refusal to negotiate. The president previously had a 104% claim on Chinese imports, but Beijing responded to American goods with an 84% claim.
“Based on the lack of respect China has shown to the global market, I am by this to raise the tariffs charged to China by the United States to 125% and immediately taking effect,” Trump said in a social media post Wednesday.
MNA