Donald Trump raises rates on China to 125%, announcing 90 days on most countries: 'Someone had to do it' | Mint

US President Donald Trump announced on Wednesday that he authorized a 90 -day break, and that a reduced reciprocal rate of 10% had caused the three -month ceasefire amid the market collapse. President Trump also announced that the US has raised China tariffs to 125%. “No other president would have done what I did. Someone had to do it. ‘Trump justified his tariff on Wednesday for reporters. ‘Based on the lack of respect China showed to the global markets, I hereby increase the tariff charged by the United States to China to 125%, immediately in force. At some point, hopefully in the near future, China will realize that the days of the way of the US ‘, Donald Trump on his truth post. Global markets have risen on the development. The S&P 500 shares index jumped almost 7% after the announcement, but the exact details of Trump’s plans to relieve rates on non-China trading partners were not immediately clear. Donald Trump also reiterated an allegation from the White House that several countries are reaching out to the US president for a seat at the negotiating tables. “Conversely, and based on the fact that more than 75 countries have mentioned representatives of the United States, and that these countries do not, in my strong proposition, in any way, or form against the United States, a 90 -day break and a substantial decreased reciprocal tariff, Trump said in this period, also effectively. He increases China tariffs to 125%. retaliation rates that China unveiled 84% retaliation rates on Wednesday on the import of US goods, which matched additional rates imposed by US President Donald Trump earlier in the day and promote a trade war between the world’s two largest economies. Donald Trump’s greasy “reciprocal” rates came into effect earlier Wednesday. China was the hardest hit nation with a levy that was now at least 104% on all its goods. Canada now has auto tariffs corresponding to the 25% that Washington charged. The EU has approved new tax on US goods to the 25% steel and aluminum tariffs of Trump. The weakened retaliation comes after China repeatedly warned that it would “fight to the end” if the US moved forward with further tariffs. Donald Trump’s rates kicked in shortly after midnight, including 104% on products from China, 20% on the European Union, 24% on Japan and 25% on South Korea. Administration officials have tried to ensure voters, Republican legislators and CEOs that the rates are negotiable, but through their own admission the process can take months.