President Donald Trump announced a 90-day pause on new tariffs for all trading partners except China on Wednesday (April 9). The pause, effective immediately, reduces reciprocal tariffs to 10% for countries that have not retaliated against the U.S. However, tariffs on Chinese imports will increase to 125% from 104%. Trump cited China's lack of respect for global markets as the reason for the increased tariffs, stating that the current situation is unsustainable.
Trump's announcement led to a surge in the stock market.
The increased tariffs on China are effective immediately, and Trump hopes this move will prompt China to reconsider its trade practices. In a post on Truth Social, Trump expressed hope that China would eventually change its approach.
"At some point, hopefully in the near future, China will realize that the days of ripping off the U.S.A., and other Countries, is no longer sustainable or acceptable," Trump wrote.
He said that the decision comes after more than 75 countries reached out to U.S. representatives to negotiate trade issues.
"These Countries have not, at my strong suggestion, retaliated in any way, shape, or form against the United States," Trump noted.
Trump's tariffs have faced criticism, with a recent poll showing a decline in his job approval rating. The poll indicates that 56% of Americans believe the tariffs have gone too far. Despite this, Trump remains firm in his stance, urging House Republicans to pass a tax cut bill to boost the economy.