Trump Temporarily Halts Reciprocal Tariffs for 90 Days, Excluding China
, April 10 -- US President Donald Trump announced an immediate cessation of all "reciprocal" tariffs that went into effect at midnight, though this did not apply to those levied against China.
Trump announced that tariffs on China would rise from 104% to 125%, reports CNN.
In the meantime, Chief Advisor Muhammad Yunus has conveyed his appreciation to President Trump for making this decision.
"Thank you, Mr. President, (@POTUS), for agreeing to our request for a 90-day suspension of tariffs. We remain committed to collaborating with your administration to advance your trade initiatives," stated Press Secretary Shafiqul Alam, speaking on behalf of Chief Adviser Prof Muhammad Yunus.
On Wednesday, in a posting on Truth Social, Trump announced that he had "approved a 90-day HALT, along with a significantly reduced Reciprocal Tax for this duration, set at 10% and taking effect right away."
"As China has demonstrated insufficient regard for global markets, I am increasing the tariff imposed on Chinese goods by the United States to 125%, starting now," tweeted Trump. "Eventually, ideally soon, China should understand that exploiting the U.S. and other nations can no longer be tolerated or sustained," he continued.
Following Beijing’s declaration of additional counter-tariffs against the U.S., which were scheduled to come into force on Thursday, the choice was made to increase duties on imports from China. According to the report, the Trump administration particularly focused on addressing China's trading behaviors with this move.
The Treasury Secretary, Scott Bessent, commended President Trump for his determination, mentioning on Wednesday that he showed "remarkable bravery in maintaining this stance up to now." According to Bessent, the administration cautioned nations across the globe, emphasizing “refrain from retaliating and benefits await,” and indicated readiness to discuss matters with any country interested in dialogue.
Bessent highlighted that this action indicates "President Trump is concerned with trade matters and that we intend to engage in sincere negotiations."
Bessent and Commerce Secretary Howard Lutnick were accompanying Trump when he shared his message on Truth Social, according to Lutnick’s confirmation in a post on X, as reported.
Lutnick mentioned in his writing that he and Scott Bessent were present as the President composed one of the most remarkable Truth posts during his presidency," it reads. "The world is eager to collaborate with President Trump to address global trade issues, but China has opted for an alternative course.
Following the announcement, stocks rallied dramatically, with the Dow jumping up by 2,200 points, equivalent to a gain of 5.9%. The S&P 500 saw an increase of 6.5%, and the Nasdaq climbed over 8% higher. Market pressures were mounting because of the possibility of substantially increased tariffs, which President Trump mentioned earlier in the previous week, according to the report.
Nonetheless, Trump didn’t suggest that he was halting the 10% across-the-board tariff on all trading partners apart from Canada and Mexico, which came into play over the weekend. Consequently, nations subjected to these reciprocal tariffs will continue to encounter a 10% tariff, as Bessent verified.