, April 10 — US President Donald Trump announced an immediate cessation of all “reciprocal” tariffs that went into effect at midnight, though this did not include those levied against China.
Trump announced that tariffs on China would rise from 104% to 125%, reports CNN.
In the meantime, Chief Advisor Muhammad Yunus has conveyed his appreciation to President Trump for making this decision.
“Thank you, Mr. President, (@POTUS), for agreeing to our request for a 90-day suspension of tariffs. We remain committed to collaborating with your administration to back your trade initiatives,” stated Press Secretary Shafiqul Alam, speaking on behalf of Chief Adviser Prof Muhammad Yunus.
On Wednesday, in a post on Truth Social, Trump announced that he had “ordered a 90-day HALT, along with significantly reduced RECIPROCAL TARIFFS at 10% for this duration, both taking effect right away.”
“Due to China’s disregard for global market norms, I am increasing the tariff imposed on Chinese goods by the United States to 125%, starting now,” tweeted Trump. “Eventually, ideally soon, China must understand that exploiting both our country and others can no longer continue,” he continued.
Following Beijing’s declaration of additional counter-tariffs against the U.S., which were scheduled to come into force on Thursday, the decision was made to increase duties on goods from China. According to the report, the Trump administration had singled out China’s trading behaviors as their focus.
The Treasury Secretary, Scott Bessent, commended President Trump’s determination, mentioning on Wednesday that he showed “remarkable bravery in maintaining his position up to this point.” According to Bessent, the administration cautioned nations globally against responding forcefully, promising rewards instead; they also conveyed their readiness to discuss terms with any country interested in dialogue.
Bessent highlighted that this action demonstrates “President Trump’s concern for trade issues and his willingness to engage in sincere negotiations.”
Bessent and Commerce Secretary Howard Lutnick were accompanying Trump when he shared his message on Truth Social, according to Lutnick’s confirmation in a post on X, the platform formerly known as Twitter. The report noted this information.
Lutnick stated, ‘Scott Bessent and I were present when the President authored one of the most remarkable Truth posts during his presidency.’ He also noted, ‘The world is eager to collaborate with President Trump on resolving global trade issues, but China has taken an opposing stance.’
Following the announcement, stocks rallied dramatically, with the Dow jumping up by 2,200 points, which equates to a gain of 5.9%. The S&P 500 saw an increase of 6.5%, and the Nasdaq climbed over 8% higher. Markets were previously strained because of the possibility of substantially increased tariffs, as mentioned by Trump earlier in the week, according to the report.
Nevertheless, Trump didn’t suggest that he was halting the 10% across-the-board tariff on all trading partners apart from Canada and Mexico, which came into play over the weekend. Consequently, nations subjected to reciprocal tariffs will continue to encounter a 10% tariff, as Bessent verified.
