Donald Trump Hits 90-Day Pause On Tariffs On 75 Countries, Raises Them On China
Donald Trump said Wednesday he was pausing tariffs on 75 countries for 90 days, a major shift in his signature economic policy initiative that has sent markets gyrating and economists and CEOs predicting recession.
The reversal comes amid alarm overnight over the state of the U.S. bond market.
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Meanwhile, he said that he was raising the tariff on China to 125%, after Beijing imposed retaliatory measures of its own.
Trump's announcement sent markets soaring. He indicated that tariffs on most countries would be brought down to 10%.
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!'
'This is government by chaos,' said Senate Minority Leader Chuck Schumer (D-NY), who nevertheless said that the president 'was retreating, and that is a good thing.'
He and other Democrats noted that the 10% tariff remained in place, as well as the huge tariffs on China. They also said that the uncertainty over the economy remains.
'He's playing red light, green light with our economy,' Schumer said, arguing that the damage already has been done.
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