Trump suspends tariff hikes for 90 days, but escalates trade war with China
On Wednesday, US President Donald Trump announced a 90-day pause on all “reciprocal” tariffs, with the exception of China. Tariffs on Chinese goods will rise to 125%
Trump said he was authorising a “lowered reciprocal tariff of 10%” for all countries as more than 75 countries had reportedly contacted US officials to negotiate trade solutions. However, he raised tariffs on goods from China to 125%, effective immediately, after China retaliated by imposing tariffs of 84% on US imports.
“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,” he wrote. “At some point, hopefully in the near future, China will realize that the days of ripping off the U.S.A., and other Countries, is no longer sustainable or acceptable.”
The US President also told reporters at the White House that “China wants to make a deal. They just don’t know how quite to go about it”. “But they’ll figure it out. They’re in the process of figuring it out, but they want to make a deal”, he said.
Image Credits: liveindex.org
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