WASHINGTON: Facing a global market meltdown, President Donald Trump on Wednesday abruptly backed down on his tariffs on most nations for 90 days, but raised the tax rate on Chinese imports to 125 per cent.
Trump posted on Truth Social that because “more than 75 Countries” had reached out to the US government for trade talks and have not retaliated in meaningful way “I have authorised a 90 day PAUSE, and a substantially lowered Reciprocal Tariff during this period, of 10 per cent, also effective immediately.”
Trump later told reporters that he pulled back on many global tariffs – but not on China – because people were “yippy,” and “afraid,” adding that while he expected to reach deals that “nothing’s over yet.”