BREAKING NEWS: Trump pauses his tariffs for 90 days in most countries but hikes China’s import tax to 125%
“Based on the fact that more than 75 Countries have called Representatives of the United States, including the Departments of Commerce, Treasury, and the [US 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.”
                                                  -Donald Trump, president of the United States
The president said that he placed higher tariffs on China because the country showed the world’s markets a “lack of respect.” Of course, with this take the president is not taking any responsibility for his part in the cratering of world stock prices. What Trump is really saying is that China was supposed to roll over and negotiate with the U.S. Instead, each time the U.S. hiked its tariff on China, the country responded by raising tariffs on the U.S.
Wall Street surged in the aftermath of the announcement with the Dow Industrial Average up 2,200. Apple added $20 to its stock price and Tesla rebounded $30.
This is a breaking story and will be updated.
