CNBC
- President Donald Trump announced a 90-day pause on the full effect of his new tariffs for at least some countries.
- Trump also said that he was raising the tariffs imposed on imports from China to 125% “effective immediately” due to the “lack of respect that China has shown to the World’s Markets.”
President Donald Trump on Wednesday announced a 90-day pause on the full effect of his new tariffs for at least some countries.
Trump in a social media post also said that he “substantially lowered Reciprocal Tariff during this period, of 10%, also effective immediately. ”
Trump additionally said he was raising the tariffs imposed on imports from China to 125% “effective immediately” due to the “lack of respect that China has shown to the World’s Markets.”
Trump’s Truth Social post credited his decision to pause the full effect of tariffs on the fact that “more than 75 Countries” have contacted U.S. officials “to negotiate a solution” to trade concerns that he raised in imposing the new duties.
Commerce Secretary Howard Lutnick, in a tweet, said that he and Treasury Secretary Scott Bessent sat with Trump while he wrote out the announcement on Truth Social, “one of the most extraordinary Truth posts of his Presidency.”
“The world is ready to work with President Trump to fix global trade, and China has chosen the opposite direction,” Lutnick wrote.
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