The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
NEW YORK/WAM
US President Donald Trump announced on Wednesday a temporary suspension of reciprocal tariffs on all countries except China for a period of 90 days.
In a post on the Truth Social platform, Trump stated, “I have authorised a 90-day pause, and a significant reduction in reciprocal tariffs by 10 percent during that period, effective immediately,” adding that tariffs on Chinese goods would be raised to 125 percent with immediate effect.
Trump had previously imposed a total tariff of 104 percent on Chinese imports, prompting China to retaliate with an 84 percent tariff on US goods.
Details regarding the immediate implementation of the tariff reduction on non-Chinese trade partners have not yet been clarified.
Following the announcement, US stock markets began to rally after recording their worst losses in history last week, during which they lost US$6.6 trillion in market value over Thursday and Friday.