Donald Trump announced that he would impose a 90-day halt on tariffs on nations that don’t retaliate and increase China‘s tariffs to 12 %.
Trump stated in a post on Truth Social that the pause would lower tariff levels to 10 %, the starting point for a new tax regime, and that it would be issued to nations that didn’t retaliate against his initial tax strategy. Immediately after Trump’s article, stocks on Wall Street rocketed.
The S&, P 500, S&, and Nasdaq Composite all increased by almost 10 %, while the Dow Jones Industrial Average increased by almost 2, 000 points.
” I am therefore raising the price paid to China by the United States of America to 125 %, successful quickly, due to the disrespect that China has shown the World’s Industry. China will eventually realize that the time of ripping off the United States and other countries are no longer lasting or acceptable, he wrote.
I have authorized a 90-day PAUSE and a significantly lowered Reciprocal Tariff during this period, which is also effective immediately, and in light of the fact that more than 75 countries have called Representatives of the United States, including the Departments of Commerce, Treasury, and the [ U.S. Trade Representative ] to negotiate a solution to the issues being discussed in relation to Trade, Trade Barriers, Tariffs, Currency Manipulation, and Non Monetary Tariffs. I appreciate you paying attention to this issue. he continued.
The higher so-called “reciprocal” levels are halted days after those taxes went into effect shortly after midnight. After Trump announced both levies in the Rose Garden last Wednesday, the 10 % tariffs started in effect on Saturday.
Trump defended his choice on Wednesday evening, saying he” thought that people were jumping a little bit out of collection.”
They were getting a little bit hoo, he said,” They were getting a little bit hoo, a little afraid.” Trump claimed that President Xi Jinping wanted to strike a bargain with China, which he described as the “biggest abuser.”
They simply don’t know how to approach it. You’re right, it’s one of those items they don’t really possess. They are praised, he said.
Following Trump’s announcement, Treasury Secretary Scott Bessent spoke briefly to reporters at the White House, asserting that the pause had nothing to do with recent stock market problems and that” this” was the president’s” strategie all along.”
Bessent confirmed to the Washington Examiner that Canada and Mexico would be the only countries that would be subject to the effective 10 % price, but added that the president still intended to appoint a number of regional tariffs” soon” that would target foreign pharmaceuticals, cars, firewood, and more.
He claimed Trump could not establish a deadline for the announcement of bilateral trade deals and that he wants to become “personally involved” in the “bespoke” conversations with specific trading partners. Bessent also suggested that Trump might be willing to accept non-trade-related concessions from other countries in exchange for a pause on some mutual tariffs or to completely cut them.
Karoline Leavitt, a spokesman for the White House, claimed that the government’s” skill of the offer” was to move nations away from China.
” Some of you in the media completely missed the fundamentals of the agreement.” You all undoubtedly failed to notice what President Trump was doing in this regard. When, in fact, we have seen the same effect, you tried to say that the rest of the world may be closer to China, Leavitt said.
TRUMP’S APPROVAL RATINGS ARE SLOWLY 50 % AFTER TARIFF POLICY
President Trump will respond more forcefully when you punch the United States of America. In the same spirit, Leavitt continued,” We have had more than 75 countries from around the world reach out to President Trump and his team here at the White House to come up with better trade talks for the American worker.” ” We have been overwhelmed by the volume of calls from nations all over the world.”
Republicans and Democrats have been saying for decades that these unfair industry practices are unjust to the American people and are cruel to our country, but no one has ever taken any action to stop it, she continued. ” We lastly have a leader here at the White House who is playing the long sport and doing what is best for the American worker in our domesticated business.”
This breaking account will get updated.
