President Trump announced Wednesday a 90-day suspension for most of him New tariffsand lowering the “mutual tariff” rate to 10%, he said the truth socially.
US The stock market has skyrocketed Immediately after the president’s announcement. At the same time, the president said he is increasing the tariff rate for goods imported from China to 125%.
“Based on the lack of respect China has shown to the global market, I am by this raising the tariffs charged to China by the United States to 125% and immediately taking effect,” he wrote.
Treasury Secretary Scott Bescent and White House press chief Caroline Leavitt made clear to reporters after a while. After some time, it revealed that the universal tariff rate for the next 90 days will be 10% in almost all countries, except China. The 10% tariff rate also applies to imports from Canada and Mexico, Bessent said. It is unclear what will happen while countries are negotiating with the Trump administration after the 90-day period ends.
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Trump wrote: “On the contrary, based on the fact that more than 75 countries will negotiate hostile solutions to those countries to those debated in relation to suggesting trade, trade barriers, tariffs, currency manipulation and the proposal to confront unlawful individuals: I have approved a 90-day suspension, and a much lowered 10% reciprocal tariff during this period was also soon in effect.”
Bescent said he expects the number of countries he is trying to negotiate with the US to be over 75.
“President Trump wants to be involved personally,” Bescent said when explaining the reason for the 90-day suspension.
“No one creates leverage for himself like President Trump,” Bescent said. Despite the era of market volatility since the tariffs were announced, Bescent said this was Trump’s “strategy.”
On Tuesday, Leavitt repeated his claim that Trump was not considering extensions or delays.
What is called “Mutual” tariff Once the baseline exceeded, 10% of the world came into effect Wednesday.
“It’s unfolding exactly, and it’s beautiful,” said Peter Navarro, the top White House advisor at Fox Business Channel.
At 9:37am EDT on Wednesday, shortly after the stock market opened in the US and within four hours of announcing the suspension, Trump said, “This is the best time to buy!!”
