Americas News
Trump: China Tariff to 125%, 90-Day Pause at 10% for Other Countries
US President Donald Trump has further raised tariffs on imports from China, while lowering levies for other countries' products over a three-month period.
A new 125% rate for Chinese products is 'effective immediately', President Trump said in a social media post on Wednesday.
"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," President Trump said.
Meanwhile for other countries deemed not to have retaliated to the recent changes in US tariff policy, President Trump said the tariff rate would be reduced to 10% for the next 90 days.
"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, 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," President Trump said.
ICE Brent crude futures rallied sharply on the news, trading at $64.28/bl as of 6:27 PM in London, up from $62.82/bl at Tuesday's close and from an intraday low of $58.46/bl on Wednesday.
