Egypt Daily News – U.S. President Donald Trump announced a 90-day suspension of new tariffs after his trade war shook the global economy.
At the same time, he revealed that he had raised tariff rates on China to 125%, escalating the retaliatory measures between the two sides.
Trump stated, “I have authorized a 90-day suspension and a significant reduction in mutual tariffs during this period, by 10%, with the decision taking effect immediately.” It was not immediately clear which countries the tariff suspension would apply to.
In the same message, Trump mentioned that he was raising U.S. tariffs on China while working to bring Beijing to the negotiation table.
The U.S. president wrote in his message: “Due to China’s disregard for global markets, I am therefore raising the tariffs imposed by the United States on China to 125%, effective immediately. At some point, we hope in the near future, China will realize that the days of deceiving the U.S. and other countries are no longer sustainable or acceptable.”
Stocks surged significantly in response to the news, with the Dow Jones rising by 2,200 points, or 5.9%, the S&P 500 increasing by 6.5%, and the Nasdaq climbing by 8%.
