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Global markets are breathing a sigh of relief as Donald Trump announced a 90-day pause on some of the sweeping tariffs he announced last Wednesday. In a message shared on Wednesday afternoon on his social media platform Truth Social, the US President said that more than 75 nations have reached out to US representatives to negotiate a deal.
This show of goodwill has prompted Mr Trump to ease off the tariffs planned for them, the US leader said. China, however, he added, did not show a similar attitude towards Washington, which has prompted him to raise the already eye-watering 104% tariff on Chinese imports to 125%. He wrote: “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.
“At some point, hopefully in the near future, China will realize that the days of ripping off the USA, and other Countries, is no longer sustainable or acceptable.
“Conversely, and 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. Thank you for your attention to this matter!”
Echoing Mr Trump’s announcement, the US treasury secretary clarified the president’s comments. Speaking to the press, Scott Bessent says they are “willing to hear” from “every country in the world” that wishes to negotiate.
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“We’re going to go down to a 10% baseline tariff we have for them,” he says. “And China will be raised to 125 due to their insistence [to] escalate.”
After President Trump’s news, Wall Street’s main indexes rose immediately. As of 6.26pm, some key indexes shot back up, including the Dow Jones, rising 5.76%, the S&P 500 went up by 6.46% and the Nasdaq gained 8.04%.
Just hours before the 90-day pause, Mr Trump urged investors to buy stocks.
“THIS IS A GREAT TIME TO BUY!!!” he wrote on Truth Social. “BE COOL! Everything is going to work out well. The USA will be bigger and better than ever before!”
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