Trump pauses most global tariffs but hikes China rate amid market volatility

·

US President Donald Trump has announced a 90-day pause on his new “reciprocal” tariffs, just hours after they were imposed on imports from dozens of countries.

All trading partners—excluding China—will now face a baseline 10% tariff rate instead of the higher rates unveiled during last week’s “liberation day” announcement.

However, Trump simultaneously escalated tariffs on Chinese goods, increasing them to 125% effective immediately.

China had earlier declared its own tariff hike on US imports to 84%, up from 34%, set to take effect Thursday, April 10.

Trump said the temporary pause was prompted by outreach from more than 75 countries seeking negotiations and by their lack of retaliation.

“I thought that people were jumping a bit out of line… they were getting a little bit yippy, a little bit afraid,” he said.

The surprise move marks another twist in the escalating trade war, which has rattled global markets and diplomatic relations.

It came just days after the White House dismissed reports of a planned pause as “fake news.”

Markets responded swiftly and positively. The S&P 500 surged 9.5%—its biggest one-day gain since 2008—while the Nasdaq rose 12.2%, its second-largest session jump on record.

Trump acknowledged the market’s influence, saying, “The bond market right now is beautiful… I saw last night where people were getting a little queasy.”

Australia, already subject to the minimum 10% tariff, will see no change, though sector-specific duties like those on aluminium and steel remain.

Planned retaliatory tariffs from the EU have also been put on hold, pending implementation.

“Nothing’s over yet,” Trump said. “But we have a tremendous amount of spirit from other countries, including China. China wants to make a deal. They just don’t know how quite to go about it.”

US Treasury Secretary Scott Bessent called the tariff strategy a “successful negotiating tactic,” adding, “We are expecting [our allies] to come with their best deal.”

Source: ABC.

Advertisement

Share:

KEEP UP TO DATE WITH TGH

By subscribing you accept our Terms of Service and Privacy Policy.

Advertisement

Latest News

Coronial inquest into aged care deaths begins in Victoria after death of Michael Karonias

A coronial inquest is underway in Victoria to examine the deaths of eight elderly aged care residents, including Michael Karonias.

NSW Premier praises Peter V’landys amid Rosehill Racecourse sale defeat

Australian Turf Club members have voted against the proposed $5 bn sale of Rosehill Gardens Racecourse, halting plans to build 25,000 homes.

Liberal-National Coalition reunites after brief split

Liberal and National parties have reunited after a brief split earlier this month, triggered by the Coalition’s poor election performance.

Nick Kyrgios ‘pretty down’ after injury forces French Open withdrawal

Australian tennis player Jordan Thompson has shared that Nick Kyrgios is feeling “pretty down” after a knee injury forced him to withdraw.

Greece to shut down state agency amid EU fraud probe

The Greek government has announced it will shut down the state agency OPEKEPE, which is at the centre of a major EU fraud investigation.

You May Also Like

Maria Menounos named Hellenic Olympic Committee Ambassador for LA 2028

Greek American actress and TV presenter Maria Menounos has been appointed Ambassador of the Hellenic Olympic Committee (HOC).

Bank of Queensland chief George Frazis exits with immediate effect

The chief executive of the Bank of Queensland (BOQ) George Frazis is leaving the bank with immediate effect.

Oldest Greek coronavirus patient is 101 years of age, says epidemiology report

The oldest person in Greece infected with COVID-19 is a 101-year-old man, according to an epidemiological report by the Hellenic National Public Health Organisation (EODY).