U.S. President Donald Trump said Wednesday he is pausing his reciprocal tariffs for 90 days on 75 countries that have begun negotiations on trade with the U.S., lowering their tariff rate to the baseline of 10 per cent.
The pause was announced hours after his global tariff policy took effect at midnight Wednesday, capping a chaotic week for global financial markets and uncertainty about the world economy.
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Trump also announced he was raising tariffs on China once again, to a staggering 125 per cent rate, “based on the lack of respect that China has show to the World’s Markets,” he wrote on Truth Social.
“Conversely, based on the fact that 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, and that these Countries have not, at my strong suggestion, retaliated in any way, shape, or form against the United States, I have authorized a 90 day PAUSE, and a substantially lowered Reciprocal Tariff during this period, of 10%, also effective immediately,” he wrote.
The White House did not immediately specify which countries would see a pause.
More to come…
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