Trump stops higher rates in all countries except 1
Washington – President Donald Trump retreated his commercial war against the rest of the world on Wednesday, at least temporarily, after his announcement of “Day of Liberation” of April 2 “was reduced by financial markets worldwide.
Trump announced on its social networks platform that it is reducing tariffs in all countries to 10% for 90 days, instead of the highest rates that had been deceptively described as “reciprocal” tariffs last week. However, he said, China’s exports to the United States would now see a 125%tariff.
The stock market was recovered in the news, with the Dow Jones industrial average 6% on the day shortly after 2 pm, east time. Follow 2,000 points below its position on the “Day of Liberation”, when Trump announced his mass rates plan last week.
Trump’s cave came with relatively little warning and only hours after he, his press secretary and other members of his administration had insisted that there would be no pause and no negotiation on the tariffs that many conservatives had come to promote as a necessary short -term pain explosion to return manufacturing to the United States.
Why the announcement occurred only a few hours after the highest tariffs came into force, instead of the previous day or Monday, it remains without being clear, but economists speculated that the performance of the 10 -year treasure bonds that remained high was indicating a deeper problem.
“It was a disconcerting development and that is not a good omen,” said Douglas Holtz-Eeakin, conservative economist and former director of the Congress Budget Office.
Trump soon confirmed that in a photographic opportunity with career car winners. “The bond market is very complicated, I was seeing it. But if you look at it now, it is beautiful. The bond market is currently beautiful. But I saw last night where people were a little dizzy,” he told reporters. “I thought people jumped a little out of line. They were getting Ypicy. They were getting a little more, a little scared.”
Although it provides a short -term relief to markets, the decision to retreat has provided little orientation to the United States financial and political future. The declared objectives of the Trump Rate Strategy, a resurgence of manufacturing, an alleged explosion of income from the federal government and an effort to achieve new agreements, remain contradictory, with few economists willing to support their strategies.
Holtz-Eeakin said that even with reversal, the United States now has the highest tariffs of any industrialized nation, a situation that most investors and business leaders would have been horrified only a few weeks ago.
“I am very confused by joy in this,” he said. “We still have to understand what all this will achieve.”
Despite this, Trump’s assistants immediately caused the delay as proof of Trump’s genius and negotiation skills. “Many of you in the media clearly missed ‘The art of the agreement,'” insisted the White House Secretary, Karoline Leavitt, journalists.
The secretary of the Treasury, Scott Besent, who had met with Trump when he wrote his publication on social networks, said everything had been by design. “No one creates influence for himself as President Trump,” he said.
Alex Brandon through News
Trump published his announcement on his own social platform of truth at 1:18 pm East time:
“Based on the lack of respect that China has demonstrated to the world markets, I am raising the rate charged to China for the United States of America to 125%, immediately effective. At some point, hopefully, in the near future, China will realize that the days of cheating the US. UU. And other countries, it is no longer more sustainable or acceptable,” Trump published Wednesday afternoon.
“On the contrary, and based on the fact that more than 75 countries have called on the representatives of the United States, including the Departments of Commerce, the Treasury and the USTR, to negotiate a solution to the subjects that are discussed in relation to the trade, the commercial barriers, the tariffs, the manipulation of the currency and the non -monetary rates, and that these countries do not have, in my strong suggestion, in my suggestion, in my form o They form authorized tariffs, those who do not have the United States.
While Trump had sold the highest rates in dozens of other countries, such as simply collecting the same import tax to imports from a country, since that country charged US assets, in fact, Trump’s rates seemed to be based on the balance of trade in that nation with the United States.
The countries that exported more to the United States than imported from US manufacturers were beaten with higher rates than the 10% baseline for all imports.
That formula hit poor countries, whose citizens simply cannot afford to buy American goods, the most difficult. Vietnam had faced a “reciprocal” rate of 46%, for example. Lesotho, that Trump at one time said he never heard, was beaten with 50%.
All these rates would have entered into force at 12:01 AM on Wednesday, and now three months will be postponed, according to Trump.
The high rate of the rate in Chinese products, however, could create a decal shock for the Americans used to buy cheap household items made there. A shirt that could have been sold for $ 9.99 in Walmart, for example, now it will probably have a price of more than $ 20.
Jamieson Gerer, the US commercial representative of the Administration, was testifying in Capitol Hill about why the rates were necessary when Trump made the announcement. It was put in the unfortunate position of having to defend the abrupt investment of the president in real time.
“It seems that your boss has just taken the carpet from under you,” said representative Steven Horsford (D-Nev.), Who pressed Greer why he did not tell the panel in his initial comments that Trump was planning to stop the tariffs, if Greer knew himself.
“What are the details of the pause?” Horsford asked.
“I understand that because many countries have decided not to retaliate, we will have about 90 days,” Greer replied.
“Excuse me?” Horsford intervened. “China increased its tariffs to the United States, Trump blinked.”
They went from one place to another, with Horsford turning furious when Greer refused to give details about the conversations he could have had with Trump about his commercial strategy, or the lack of it.
“So, the trade representative has not spoken with the president of the United States about a global reorganization of trade?” Horsford said his voice rose.
“Yes, I have done it,” Greer said. “I just be at a audience with you.”
“However, he announced it on a tweet?” Said the Democrat of Nevada, now shouting. “WTF? Who is in charge?”
“WTF? Who is in charge?”
– Representative Steven Horsford (D-Nev.)
Even so, Trump’s popularity with his base means that he can have few difficulties to convince many Republican voters that he has a method for his madness.
“It has developed exactly as it should. It’s something beautiful,” said Peter Navarro, Trump’s main advisor on commerce, Wednesday afternoon at News Business. “You have to trust Trump. America trusts Trump.” Navarro spent much of last week insisting that there was no space to negotiate.
Despite Navarro’s statement, tariffs were deeply unpopular with the public. A survey by The Economist/Yougov published Wednesday morning found that only 36% of the public approved the rates, compared to the 52% that opposed.
The Democrats, meanwhile, made fun of the chaos of Trump’s cervical whip approach.
Our plan works perfectly and is just a negotiation tactic, but it will also be permanent and we will be the world leader in textiles and now there is a break and everyone needs to relax, but we will never support AAAAAAHHHHH
– Brian Schatz (@brianschatz) April 9, 2025
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Our plan works perfectly and is just a negotiation tactic, but it will also be permanent and we will be the world leader in textiles and now there is a break and everyone needs to relax, but we will never support AAAAAAHHHHH
– Brian Schatz (@brianschatz) April 9, 2025