Donald Trump plunged global markets into chaos after he announced tariffs against a number of foreign countries last week. Stockholders in the United States also felt the pressure of Trump’s tariffs as the United States stock market crashed following the news.
In the immediate aftermath of his tariff announcement and the economic fallout, Trump stood firm. However, under increased pressure from not only his supporters but even other politicians in Washington, including his fellow Republicans, Trump has folded.
“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. 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.
“Conversely, and based on the fact that more than 75 Countries have called Representatives of the United States, including the Departments of Commerce, Treasury, and the USTR, to negotiate a solution to the subjects being discussed relative to Trade, Trade Barriers, Tariffs, Currency Manipulation, and Non Monetary Tariffs, and that these Countries have not, at my strong suggestion, retaliated in any way, shape, or form against the United States, I have authorized a 90 day PAUSE, and a substantially lowered Reciprocal Tariff during this period, of 10%, also effective immediately. Thank you for your attention to this matter!” Trump wrote on his Truth Social on Wednesday.
People reacted to the news on social media.
“He did not cave and he did not duck. He is steadfast on track,” one Trump supporter wrote on Twitter.
“Anyone who thinks that it was not his plan to get countries to the table and lower the tariffs we pay is insane,” someone else added.
“Nothing is known yet until all these countries hammer out new deals in the next 90 days….if the new deals don’t show good favor to the US then everything will be for Nothing,” another person wrote.
It’ll be interesting to see what Trump has planned for when his 90-day pause ends.
