Trump pauses most global tariffs for 90 days, hike levies to 125% on China |
In a major turnaround in response to US and global stock markets crashing, USA President Donald Trump has held back imposition of trade tariffs on most of the countries for 90 days. However, at the same time, President Trump escalated the trade war with China and hiked import duties on goods from that country to 125%. The USA President said 9th April 2025 issued a dramatic reversal of tariffs that were to start on 10th April that sent global markets reeling. He announced on social media that more than 75 trading partners didn’t retaliate and have reached out to the United States to “discuss” some of the issues related to trade imbalances. China, on which US was to impose stiff tariffs, retaliated with 84% reciprocal hikes. Trump hit back on 9th April with raised duties up to 125%, effective immediately. Trump said he felt that “at some point, hopefully in the near future, China will realize that the days of ripping off the U.S.A., and other Countries, is no longer sustainable or acceptable”. Trump has not eliminated the basic 10% across-the-board duty. For Canada and Mexico, goods covered by the U.S., Canada and Mexico trade agreement will continue to have no tariffs, but goods not exempt under the trade deal will have a 25% tariff. Countries haven’t responded to the latest Trump move. India’s spokesman said talks were ongoing on trade issues that began before the tariffs were imposed, and they hoped to reach agreement on a bilateral Free Trade Agreement by Fall (autumn) of 2025. Global markets have reported turmoil since 5th April 2025. Major stock indexes lost trillions of Dollars, including the Indian BSE and NSE. Markets are returning to normalcy since the 9th April reversal by President Trump.
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