The United States President, Donald Trump has announced a 90-day suspension on reciprocal tariffs imposed on Nigeria and over 75 countries, easing the financial strains on businesses and industries affected by the taxes.
Trump, however, increased the tax rate on Chinese imports to 125%, citing China’s blatant disrespect for the world’s markets and its long history of unfair trade practices.
The announcement came after the global economy appeared to be in open rebellion against Trump’s tariffs with business executives warning of a potential recession caused by his policies.
Most of the business leaders and U.S trading partners, who warned that the administrations decision could trigger economic downturn, are retaliating with their own import taxes and the stock market is quivering after days of decline.
According to the president on Wednesday, “Based on the lack of respect that China has shown to the World’s Markets, I am hereby raising the Tariff charged to China by the United States of America to 125%, effective immediately. At some point, hopefully in the near future, China will realize that the days of ripping off the U.S.A. and other Countries are no longer sustainable or acceptable,” Trump posted on Truth Social.
“more than 75 Countries” had reached out to the U.S. government for trade talks and have not retaliated in meaningful way “I have authorized a 90 day PAUSE, and a substantially lowered Reciprocal Tariff during this period, of 10%, also effective immediately.” he added.
During a briefing after the announcement, White House press secretary, Karoline Leavitt said the walk back was part of some grand negotiating strategy by Trump.
“President Trump created maximum negotiating leverage for himself,” she said, adding that the news media “clearly failed to see what President Trump is doing here. You tried to say that the rest of the world would be moved closer to China, when in fact, we’ve seen the opposite effect the entire world is calling the United States of America, not China, because they need our markets.”
