President Trump has announced a 90 day pause of Wednesday’s declared tariffs but slammed China with a higher Tariff of 125%
The United States President, Trump, has just declared a 90-day pause on all reciprocal tariffs for most countries but went full-blown hard on the tariffs to China.
This officially means that the world’s largest economies are in a trade war.
While speaking on Truth Social Network (TSN), President Trump said, “I have authorized a 90-day PAUSE” on all tariffs that took place earlier on Wednesday.
He said this only happened because about 75 countries did not retaliate back to the tariffs he imposed; rather, they wanted to negotiate. Only a flat rate of 10% that was in effect on Saturday will be imposed on the countries.
However, China has been slammed with a 125% tariff for retaliating back when Trump imposed a 104% tariff earlier on Wednesday. China retaliated with an 84% tariff on American goods.
President Trump said, “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 percent, effective immediately.”
The 47th U.S. president also accused China of trying to rip off America, and their days of doing so were over.
He further added, “At some point, hopefully in the near future, China will realize that the days of ripping off the U.S.A. and other countries are no longer sustainable or acceptable.”
The China Finance Ministry, in a response to the tariff imposed on China, described it as piling mistakes on top of mistakes.
The Ministry said, “The tariff escalation against China by the United States simply piles mistakes on top of mistakes.”
Following President Trump’s announcement on the 90-day pause, the Wall Street stock indices simply went from all red to bright green. The S&P 500 surged 6.0 percent higher to 5,281.44.
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