The United States (U.S.) President Donald Trump made a statement on his social network Truth Social, claiming that the U.S. is “making excellent progress with its tariff policy.”
“Very exciting for America, and the World!!! It is moving along quickly,” he said in the post.
This is his first statement after China imposed 125% tariffs on the import of U.S. goods.
US President Donald Trump has announced a surprise 90-day pause on new tariffs he has imposed on most countries in the world, except China, where he has raised tariffs to a total of 125 percent.
Trump said he had “approved a 90-day pause and a substantially reduced reciprocal tariff during that period, of 10 percent, also effective immediately.”
It was not immediately clear which countries the pause would apply to. CNN has reached out to the White House for further clarification.
In the same message, Trump said he was raising US tariffs on China as he works to bring Beijing to the negotiating table.
“Based on the lack of respect China has shown for world markets, I am hereby raising the tariffs the United States is imposing on China to 125 percent, effective immediately. At some point, hopefully in the near future, China will realize that its days of taking advantage of the United States and other countries are no longer sustainable or acceptable,” Trump wrote.
China has increased tariffs on goods it imports from the United States to 84 percent in a new round of the trade war.
This reaction is in response to the fact that Donald Trump, the President of the United States, has increased tariffs on Chinese goods imported into the United States.
Wall Street’s benchmark index, the S&P 500, rose almost 6 percent immediately after the announcement, putting it on track for its biggest daily gain since April 2020. The tech-heavy Nasdaq Composite jumped as much as 7.7 percent, recording its best day since March of that year. The Dow Jones industrial average rose more than 2,000 points, or 6.1 percent.
The total market value has risen by more than $3.5 trillion, according to Wall Street analysts.
Karl Schamotta, chief market strategist at Corpay, called it a “capitulation to pressure from financial markets and Trump donors.” He added that the administration had to give in under pressure to avoid further market destabilization.
