US President Donald Trump announced today that he is introducing a 90-day pause in tariff increases for some countries, but this will not apply to China, Reuters reported, citing a message from Trump on his social network "Truth Social", BTA reported.
The surprising turn of events came less than 24 hours after the introduction of new, higher tariffs on imports from dozens of US trading partners, Reuters noted. The tariff hike sent markets into a tailspin, raised the prospect of a recession and prompted retaliation from China and the European Union.
However, Trump said he would raise tariffs on imports from China from 104% to 125% that night. At the same time, he lowered tariffs on many other countries for which he had initially planned to increase them.
"I have authorized a 90-day pause (on tariff increases) and a significant reduction in retaliatory tariffs during that period to 10%, also effective immediately," Trump wrote.
Further details were not yet available. U.S. stock indexes jumped after the news, Reuters reported.