Higher US tariffs put on hold for most; tariffs on China 125% now

Trump said he was authorising a universal ‘lowered reciprocal tariff of 10 per cent’ as negotiations continued, global newswires reported.

He accused Beijing of a ‘lack of respect’ after it retaliated by saying it would impose tariffs of 84 per cent on US imports.

"At some point, hopefully in the near future, China will realise that the days of ripping off the USA, and other countries, is no longer sustainable or acceptable," Trump wrote on his social media platform TruthSocial.

He claimed more than 75 countries had tried to negotiate with the United States and not retaliated to the tariffs in ‘any way, shape or form’. The lack of retaliation by the countries was a result of his ‘strong suggestion’, he insisted.

"Conversely, and based on the fact that more than 75 Countries have called Representatives of the United States, including the Departments of Commerce, Treasury, and the USTR (United States Trade Representative), to negotiate a solution to the subjects being discussed relative to Trade, Trade Barriers, Tariffs, Currency Manipulation, and Non Monetary Tariffs, and that these Countries have not, at my strong suggestion, retaliated in any way, shape, or form against the United States, I have authorized a 90 day PAUSE, and a substantially lowered Reciprocal Tariff during this period, of 10%, also effective immediately. Thank you for your attention to this matter!" the US president wrote.

Fibre2Fashion News Desk (DS)