WORLD NEWS: TRUMP PAUSES TARIFFS FOR 90 DAYS BUT HITS CHINA HARDER
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US President Donald Trump abruptly backed down Wednesday in his global trade war with a 90 day pause for most countries – but slapped even more levies against China in what has become a full-scale confrontation between the world’s two largest economies.
Following days of global market turmoil, Wall Street stocks surged in reaction to Trump’s announcement.
“I have authorized a 90 day PAUSE” on higher tariffs that took effect on Wednesday, Trump said on his Truth Social network, saying he took the decision after more than 75 countries had reached out to negotiate and did not retaliate against the United States.
Only a flat rate of 10 percent tariffs on all countries that took effect on Saturday will remain in place. This marked a stunning reverse from often punishing levies that hit even many of the closest US allies.
But Trump accused China of still “ripping off” his country.
“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,” Trump said.
Trump had only hours earlier ramped up the duties on Chinese goods to a giant 104 percent. China then retaliated by rising tariffs on US imports to 84 percent.
“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,” Trump said.
The European Union had earlier launched its own counterattack, announcing measures targeting some US products from Tuesday in retaliation for American duties on global steel and aluminum exports.
The 27-nation bloc, which Trump has accused of being created to “screw” the United States, will hit more than 20 billion euros’ worth of US products, including soybeans, motorcycles and beauty products.
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