President Trump on Wednesday announced a 90-day pause on most of his new tariffs, and a lowering of the “reciprocal tariff” rate to 10%, effective immediately, he said on Truth Social.
At the same time, the president said he’s increasing the tariff rate on goods imported from China to 125%.
“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,” he wrote.
The president continued, “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.”
He indicated he was rewarding other countries for not retaliating by implementing a pause in some tariffs, which putting into effect a lower 10% rate.
“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,” Mr. Trump wrote.
The so-called “reciprocal” tariffs above the baseline 10% worldwide rate went into effect Wednesday.
This is a developing story and will be updated.
