US President Donald Trump has said he has allowed most countries to suspend a 90-day trade tariff, but has removed China from the new arrangement.
In a post about the True Society, Trump said he is imposing a 125% revised tariff on imports from China as “China represents the global market.”
In his social media post, Trump initially suggested that 90 hours would apply to more than 75 countries that have reached out to negotiations for a new trade deal with Washington since the release of the “Liberation Day” tax package.
However, the White House later revealed that the 90-day suspension would apply to most, if not all, countries, and that a “universal 10% tariff” would be applied for the time being while trade negotiations take place.
The global market has surged following the news as the Dow Jones Index jumped 2,000 points within minutes of the announcement.
Trump’s latest tariffs included kicking right after midnight, 104% for Chinese products, 20% for European Union, 24% for Japan and 25% for South Korea.
US administration officials have tried to reassure voters, Republican lawmakers and CEOs, but said the fees are negotiable, but the process could take months.
Our journalists are working on this story and will update as soon as more information becomes available.
