Facing a global market meltdown, President Donald Trump on Wednesday abruptly backed down on his tariffs on most nations for 90 days, but raised his tax rate on Chinese imports to 125%.
The 90-day breather would apply to reciprocal and 10% tariffs, Trump said. His sudden backtracking came less than 24 hours after sharp new tariffs kicked in on imports from multiple trade partners.
U.S. stocks are flying higher after President Donald Trump announced a drop in some of his tariffs, except for China. The S&P 500 was up 5.7% after erasing an earlier loss of 0.7%
Trump's tariffs include 104 per cent on products from China, 20 per cent on the European Union, 24 per cent on Japan and 25 per cent on South Korea. Administration officials have tried to reassure voters, Republican lawmakers and CEOs that the rates are negotiable, but by their own admission that process could take months.
Anger over Elon Musk's role in the Trump administration is creating opportunities for EV automakers like Rivian, which has a factory in Normal, Illinois.
Beijing added 12 U.S. companies to a control list that prohibits exports of dual-use items and another six to its "unreliable entities" list, which allows Beijing to take punitive actions against foreign entities, according to commerce ministry statements.
