US President Donald Trump on Wednesday announced a dramatic 90-day pause on tariffs for several trade partners, but simultaneously raised import duties on Chinese goods to 125%, intensifying an already volatile trade war between the world's two largest economies.
The move came just 13 hours after steep tariffs on 56 countries and the European Union came into effect, sparking panic on global markets and fuelling recession fears. According to Bloomberg, Trump was under immense pressure from business leaders and investors to ease the tariffs.
“I thought that people were jumping a little bit out of line,” Trump told reporters at the White House. “They were getting a little bit yippy, a little bit afraid. No other president would have done what I did. Somebody had to do it... They had to stop because it was not sustainable. I'm honoured to have done it. Somebody had to do what we did.”
While announcing the 90-day tariff pause on what he called "reciprocal tariffs," Trump singled out China for its “lack of respect” towards global markets.
“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,” he posted on Truth Social.
“At some point, hopefully in the near future, China will realise that the days of ripping off the U.S.A., and other Countries, is no longer sustainable or acceptable,” he added.
This marks the fifth time Trump has raised tariffs on Chinese imports since returning to office in January. After Beijing retaliated with matching duties, Washington escalated the conflict, bringing the cumulative US tariff to 125%. China responded in kind, imposing 84% duties on American goods.
Meanwhile, amid rising tensions, China’s Ministry of Culture and Tourism issued a travel alert, advising citizens to “carefully assess the risks” of visiting the United States due to deteriorating bilateral ties.
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