President Donald Trump raised tariffs on China to 125%. The countries that have reached out to negotiate received a 90-day pause.
Trump wrote on Truth Social:
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 U.S.A., 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!
Treasury Secretary Scott Bessent has to be involved every step of the way:
“The successful negotiating strategy that President Trump implemented a week ago today, it has brought more than 75 countries forward to negotiate…. Do not retaliate and you will be rewarded. Every country in the world who wants to come and negotiate, we are willing to hear you.”
Earlier today, China announced it placed 84% retaliatory tariffs on U.S. goods.
Also, the European Union approved its first set of retaliatory goods on U.S. goods.
The stock market went crazy after Trump made his post.
From Fox Business: “The Dow Jones Industrial Average spiked over 2,000 points or 6%, while the tech-heavy Nasdaq which was first to sink into a bear market last Friday, jumped over 8% and the S&P 500 added nearly 7%.”
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