PoliticsDonald Trump Flip Flops Again! President Announces 90-Day Pause on His New Tariff Policy After Creating Drama
Donald Trump announced a 90-day hold on his tariff plan.
Donald Trump announced a shift in his tariff strategy by authorizing a 90-day pause on tariffs with 75 countries.
The president also said he would raise the retaliatory tariff rate to China to 125 percent “based on the lack of respect.”
Donald Trump made the announcement on Truth Social.
In a social media message posted on Truth Social early Wednesday, April 9, Trump announced: “I am hereby raising the Tariff charged to China by the United States of America to 125%, effective immediately. 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," he continued. "I have authorized a 90 day PAUSE, and a substantially lowered Reciprocal Tariff during this period, of 10%, also effective immediately."
The announcement of these tariffs came as part of a broader plan revealed by President Trump on what he called "Liberation Day."
His plan included a universal 10 percent tariff on all imports from countries and higher tariffs on several other nations.
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Donald Trump increased tariffs with China.
The administration's tariff gambit aimed to address the $1.2 trillion trade imbalance recorded last year. However, several reports have surfaced, calling into question the numbers the president and his administration have provided to justify the tariffs.
There is an enormous trade imbalance between the U.S. and China, but the U.S. economy enjoys a massive windfall from products it exports to China, notably soybeans, petroleum and technology.
75 countries have allegedly negotiated with President Donald Trump.
President Trump's decision to adjust the tariff policy could have a ripple effect on global trade, investments and consumer prices.
Contrary to the administration's claims, tariffs are paid by businesses importing goods, not by the exporting country. As a result, these costs are often passed on to consumers through higher prices, essentially acting as a tax.
This has led to the instability in the stock market since the president's announcement. The Dow Jones is seeing its worst dip since the COVID crash in 2020, dropping over 3,300 points in less than two days.
However, since Trump's latest update, the market has increased by 6.58 percent in less than an hour.
