WASHINGTON, DC — GLOBAL stock markets rebounded significantly today after U.S. President Donald Trump announced a 90-day pause on new tariffs—with the exception of China, which issued a retaliatory response overnight.
In a statement posted to his social media account, President Trump said that while the pause is in effect, countries would still be subject to a 10 percent tariff. He added that 75 countries have already contacted the U.S. to discuss the potential impact of the measures.
Regarding China’s retaliation, the President said he would impose a steep increase in tariffs. “Based on the lack of respect that China has shown to the World’s Markets, I am here by raising the Tariffs charged to China by the United States of America to 125% efective immediately.”he wrote.
In response to Trump’s April 8 announcement, Beijing declared that the U.S. would face tariffs of up to 104 percent starting today. Overnight, China added an additional 34 percent tariff on American-made goods entering the country.
"At some point, hopefully in the near future, China will realise that the days of ripping off the U.S.A., and other countries, in no longer sustainable or acceptable,” Trump stated.
