Amid the ongoing trade war between the US and China, US President Donald Trump announced on Wednesday that he is raising tariffs on China to 125 percent. This comes after China raised its tariffs on US goods from 34 percent to 84 percent, starting April 10.
In addition to this move against China, President Trump also announced that for 75 countries, including India, that have asked the US for trade talks, he is allowing a 90-day “pause” with lower tariffs.
These countries, however, will have a reduced reciprocal tariff of 10% during this period.
Trump made these announcement on social media, stating that the decision to raise tariffs on China was due to the lack of respect China has shown to the world’s markets. He mentioned that China’s actions of “ripping off” the US and other countries will no longer be accepted.
“Based on the lack of respect that China has shown to the World’s Markets, I am hereby raising the Tariff charged to China by the United States of America to 125%, effective immediately,” Trump wrote on Truth Social.
“At some point, hopefully in the near future, China will realize that the days of ripping off the U.S.A., and other Countries, is no longer sustainable or acceptable.
“Conversely, and based on the fact that more than 75 Countries have called Representatives of the United States, including the Departments of Commerce, Treasury, and the USTR, to negotiate a solution to the subjects being discussed relative to Trade, Trade Barriers, Tariffs, Currency Manipulation, and Non Monetary Tariffs, and that these Countries have not, at my strong suggestion, retaliated in any way, shape, or form against the United States, I have authorized a 90 day PAUSE, and a substantially lowered Reciprocal Tariff during this period, of 10%, also effective immediately. Thank you for your attention to this matter!” his post read.
Earlier in the day, China had responded by increasing its tariffs on US goods from 34% to 84%, following Trump’s previous announcement of an additional 50% tariff on China.
This tariff war has been shaking global markets and continues to create tension between the two countries.
