Sundaymail Editor
PRESIDENT DONALD TRUMP announced a 90-day pause on higher tariffs that hit dozens of trade partners on Wednesday, while raising duties on China to 125 percent.
The about-face came roughly 13 hours after high duties on 56 nations and the European Union took effect, fuelling market turmoil and stoking recession fears.
Trump faced massive pressure from business leaders and investors to reverse course.
“I thought that people were jumping a little bit out of line,” Trump told reporters at the White House on Wednesday when asked why he backed off.
“They were getting a little bit yippy, a little bit afraid.”
The new tariff rates took effect at 12.01am Washington time on April 10, according to a customs guidance released late Wednesday, and the 125 percent levy on China specifies that it’s inclusive of Hong Kong and Macau. — Bloomberg
Tinaye Agere
Online Reporter