Washington: US President Donald Trump has announced a 90-day break on the trade tariffs imposed last week and an additional increase in tariffs on China, as reported by international media.
In his statement, Trump said that he is raising the trade tariffs on China to 125% and that it will be effective immediately. The United States is allowing a 90-day break on the retaliatory tariffs imposed last week, which will also take effect immediately.
Trump said that more than 75 countries have contacted him regarding tariff negotiations, and these are the countries that did not take retaliatory measures against the US. The countries not imposing retaliatory tariffs have been given a time frame, as everyone wants to deal with tariffs, and the tariffs have been lifted for a short period.
President Trump stated that people are becoming fearful about the tariffs, and the 90-day break is for those countries that did not impose additional tariffs. A deal may also be possible with China, and it will be the most fair deal.
According to foreign media, following Trump’s statement, US Treasury Secretary Scott Basinet and White House spokeswoman Caroline Levitt spoke to media representatives at the White House.
The White House spokeswoman said that the 90-day break applies to the retaliatory tariffs imposed on countries including Canada and Mexico, while the 10% baseline tariff will remain in effect.
Following Trump’s announcement, the US stock market saw a surge, with a 2,000-point increase in the Dow Jones and an 8% rise in Nasdaq.
After Trump’s announcement, crude oil prices rose by 2%, while gold prices in the global market saw a 3% increase.
