US President Donald Trump unexpectedly suspended tariffs on most countries for 90 days, but increased the tax on imports from China to 125%.
US Treasury Secretary Scott Bessent briefed reporters that Mr Trump was temporarily waiving so-called “reciprocal” tariffs for most major trading partners but leaving a 10 per cent tariff on almost all global imports.
However, import duties on goods from China will rise to 125% and will be “effective immediately,” Mr Trump said on social media.
Amid a global market slump, the move was likely an attempt to narrow the unprecedented trade war between the US and most countries into a conflict between the US and China.
Global markets reacted strongly to the development, but the exact details of Trump's plans to cut tariffs on non-Chinese trading partners remain unclear.
Mr Bessent added that markets “failed to understand” Mr Trump's tariff strategy.
“The market didn't realize that these were the maximum levels. Countries can take these levels into account when they come to us asking us to lower their tariffs and non-trade barriers,” he told reporters at the White House.
He noted that Mr Trump had “created maximum leverage for himself in the negotiations” and the Chinese had “demonstrated their bad reputation to the world.”
Sourse: breakingnews.ie
