Trump tariff news live: Donald Trump has announced a 90-day pause on the new tariffs on imports to the United States for every country except China.
Trump tariff news live: US President Donald Trump on Wednesday announced a 90-day tariff pause for most nations after the US-imposed duties set off a massive trade war, with tensions escalating each passing day. However, China won’t be exempted from the tariffs despite the pause, said Trump. Beijing on Wednesday hit back at Trump’s 104 per cent tariff on China and announced the imposition of 84 per cent retaliatory levies on US goods. Earlier, China had announced a 34 per cent additional tariff on the US, which it now upped to 84 per cent.
Following on China’s trail, the European Union approved tariffs to hit around €21 billion ($23.2 billion) of American goods in response to the 25 per cent duties Trump levied on the EU’s steel and aluminium exports.
The EU’s tariffs will reportedly target politically sensitive American states and will include products such as soybeans from Louisiana, as well as diamonds, agricultural products, poultry, and motorcycles.
With the escalating fears of recession and further trade war, Trump took to his Truth Social network and urged people to “BE COOL!” He wrote,”Everything is going to work out well. The USA will be bigger and better than ever before!”
Meanwhile, Wall Street opened at a mix on Wednesday as retaliation from China rattled the global markets once again. The S&P was 0.3 per cent higher in morning trade after having seen a low trend at the start of trading.
The Dow Jones Industrial Average was down 34 points as of 10:15 am (ET) and the Nasdaq composite was 1.1 per cent higher.
Trump tariff’s | Key Points
- Donald Trump announced sweeping reciprocal tariffs on countries across the globe last week, with levies ranging from 10 per cent to 49 per cent. His move rattled global markets and sparked the start of a massive tariff and trade war.
- Trump’s 26 per cent tariff on India came into effect on Wednesday, with authorities in New Delhi assessing the impact of the US levies.
- The trade war between China and the US has triggered fears among people as the two have hit each other with additional and retaliatory tariffs. After Trump’s announcement, China first hit the US with a 34 per cent levy, prompting America to impose a 104 per cent additional tariff on Beijing. This has resulted in China increasing the 34 per cent retaliatory tariff to 84 per cent.
- The European Union has also announced the approval of tariffs to hit around $23.2 billion of US goods in response to the 25 per cent duties on its steel and aluminium exports.
- As China and EU struck US with tariffs, the stock market showed a mixed reaction. However, Donald Trump took to Truth Social and asked them to be calm. He also told Americans that “THIS IS A GREAT TIME TO BUY!”
- Earlier in the day, President Trump claimed that world leaders were “dying to make a deal” with the US and would do anything to secure a pact on tariffs. He said they are saying, “Please, please, sir, make a deal. I’ll do anything sir.”
