AMN / WEB DESK
U.S. President Donald Trump has said that he is applying a 90-day pause on new tariffs as his trade war shakes the world economy. At the same time, he announced he was raising tariff rates on China to 125%, ratcheting up his tit-for-tat with Beijing. US stocks were volatile and skyrocketed higher after Trump announced the pause.
Earlier today, the US slapped more tariffs on dozens of adversaries and allies. Chinese goods were hit with a minimum 104% tariff, with Beijing announcing retaliatory tariffs on the US. The European Union also backed its first countermeasures in response to the 25% tariffs the US imposed on steel and aluminum exports.
Meanwhile US Treasury Secretary Scott Bessent said that President Donald Trump’s decision to back off worldwide tariffs on every nation except China rewarded countries that chose not to retaliate amid a brewing trade war.
He said the pause would allow time to negotiate new trade agreements.
“It took great courage, great courage for him to stay the course until this moment,” Bessent told reporters at the White House moments after Trump announced a 90-day pause on the new reciprocal tariffs.
Bessent said the rate for countries looking to negotiate with the US would come down to 10%, including on Canada and Mexico.
“Every country in the world who wants to come and negotiate, we are willing to hear you,” he said.