Trump Tariffs LIVE: Trump Pauses 90-day Tariff for Some Countries, But Hikes China To 125% | N18G

Trump Tariffs LIVE: Trump Pauses 90days on For Dozens of Countries, But Hikes China To 125% | CNBC TV18
Donald Trump announces a 90-day pause on higher tariffs for dozens of countries, but hikes levies on China to 125%
Earlier this month the US president announced a "baseline" tariff of 10% on all countries, with higher rates for the "worst offenders" He now says the higher rates will be paused for 90 days, and instead the "reciprocal tariff" will be 10%
But he says the rate for China will rise again, to 125%, because of "the lack of respect that China has shown to the world's markets"
“Scott Bessent and I sat with the President while he wrote one of the most extraordinary Truth posts of his Presidency,” Lutnick said. “The world is ready to work with President Trump to fix global trade, and China has chosen the opposite direction.”
Stocks rocketed higher on the news, with the Dow surging 2,200 points, or 5.9%. The S&P 500 rose 6.5% and the Nasdaq was more than 8% higher.
Trump, however, did not indicate he was pausing the 10% universal tariff on all trading partners, with the exception of Canada and Mexico, that went into effect over the weekend. Therefore, countries that were subjects of reciprocal tariffs will continue to have a 10% tariff levied on them, Bessent confirmed.
The U.S. tariff rate on Chinese imports will shoot up to 104% at 12:01 a.m. ET on Wednesday, a White House official confirmed to CNBC. Trump on Monday had threatened to raise existing tariffs on China by 50% on Wednesday unless Beijing dropped its retaliatory duties on U.S. goods by Tuesday. That same day, Trump said he specified that China faced a deadline of “12 o’clock” to remove its tariffs.The White House confirmed that President Trump will follow through on a threat to add a 50% tariff on Chinese goods, in addition to 34% reciprocal tariffs, raising the overall tariff rate on Chinese goods to 104%.
The tariff increase, which will take effect at 12:01 a.m. ET on Wednesday, follows after China vowed to "fight to the end" in a heated trade war. On Monday, Trump promised that the US would impose additional duties of 50% on Chinese goods after Beijing retaliated on the initial US tariff hikes with a matching 34% levy of its own. "It was a mistake for China to retaliate," White House press secretary Karoline Leavitt said. "When America is punched, [the president] punches back harder. That's why there will be 104% tariffs going into effect on China tonight at midnight."
"China also wants to make a deal, badly, but they don’t know how to get it started," Trump wrote on social media Tuesday. "We are waiting for their call."

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