Trump's latest China move called 'art of the deal' masterstroke
Investing.com -- 'Masterclass', 'art of the deal'… those are some comments being heard to describe today's move by U.S. President Trump to pause reciprocal tariffs for 90-days on everyone but China. The Asian adversary will also see its tariff rate increased to 125%, Trump said.
At around 1:18 PM ET, Trump announced the maneuver on Truth Social Media.
'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,' Trump said. 'Conversely… I have authorized a 90 day PAUSE, and a substantially lowered Reciprocal Tariff during this period, of 10%, also effective immediately.'
'This was brilliantly executed by Donald Trump,' hedge fund manager Bill Ackman stated following the announcement. 'Textbook, Art of the Deal.'
Since last week, when Trump first announced the reciprocal tariffs on over 180 countries, the market has been reeling. Today, the news brought the opposite effect, with the Dow surging 2,600 points, or 6.9%, the S&P 500 jumping 396 points, or 8%, and the Nasdaq jumping 1566 points, or 10.3%.
China has taken the most rigid stance toward the reciprocal tariffs, announcing today that they would raise the rate at which they charge U.S. imports to 84% and promising to 'fight to the end.'
On the other hand, Trump said '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.'
Trump is still hopeful of a deal with China.
'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 added.
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