CITIZENS COMPASS– President of the United States of America, Donald Trump, on Wednesday, announced an increment in the tariff of imported goods from China to 125%.
He said the increment was with immediate effect.
He also announced a 90-day pause on tarrifs on imported goods from all other countries. However, the universal 10% tariffs remain in place.
The U.S. markets immediately responded with exuberant joy, as all three major indexes were up by at least 6% − the Nasdaq nearly gaining 10% − by 2 p.m. ET.
Earlier, China and the European Union unveiled stiff retaliation fees aimed at countering the U.S. tariffs blitz, while an unfazed Trump urged global companies to set up shop in the U.S. The Chinese Finance Ministry announced 84% tariffs on U.S. announced 84% tariffs on U.S. goods starting Thursday, up from the 34% previously announced.
At a session with reporters, Trump was asked why he paused the tariffs and he said some folks were getting spooked without specifying who.
“People were jumping a little bit out of line,” Trump said. “They were getting a little bit yippy, a little bit afraid.”
The EU said earlier Wednesday it would impose 25% tariffs on a range of U.S. imports in a first round of countermeasures. The 27-member bloc was facing U.S. tariffs of 20% on most products and higher duties on autos and steel.
Still, the brunt of Trump’s wrath was aimed directly at China, which Treasury Secretary Scott Bessent described as a “bad actor” in addressing reporters in front of the White House shortly after the latest tariffs announcement.
“What we’ve ended up with here, as I told everyone a week ago in this very spot, do not retaliate and you will be rewarded,’’ Bessent said.
Trump has rolled out a flurry of reciprocal levies on trading partners, including one sky-high fee: a tax on Chinese goods of 104%. This after implementing a sweeping tariffs plan that imposed 10% levies on almost all imports, which has not been lifted. Targeted U.S. tariffs of up to 50% on more than 50 nations went into effect Wednesday at 12:01 a.m. and will now be suspended, except for China’s.
—USA Today
