Trump suspends global tariffs for 90 days, but hikes China’s to 125%
Washington: In a dramatic shift in his trade policy, US President Donald Trump on Wednesday announced a 90-day suspension of increased tariffs for most countries, while simultaneously raising tariffs on Chinese goods to a steep 125%. Trump said the move was prompted by China's continued disregard for global market norms and accused Beijing of "ripping off" the United States.
The announcement, made via Trump’s Truth Social account, comes after a week of global market turbulence. Wall Street responded immediately, with the S&P 500 surging by 6% to reach 5,281.44. Trump claimed the decision followed overtures from over 75 countries seeking negotiations and choosing not to retaliate against the US.
“All countries will face a flat 10% tariff which took effect on Saturday,” Trump said, describing it as a baseline. The temporary pause does not apply to China, where the US has now more than doubled the tariff rate from the earlier 104%.
"Based on the lack of respect that China has shown to the World's Markets, I am hereby raising the tariff charged to China... to 125%, effective immediately," he added.
In retaliation, China raised its tariffs on American goods to 84%. The Chinese Finance Ministry criticised the escalation, saying it compounded earlier mistakes.
Despite the rising tension with China, Trump noted that many countries were rushing to make trade deals, even boasting at a dinner with Republicans that foreign leaders were “calling us up kissing my a**.”
Trump justified his broader pause by pointing to market reactions, claiming people were “yippy” and “afraid,” and remarked that the bond market looked “beautiful” after the announcement.
The European Union, meanwhile, responded to earlier US duties by imposing retaliatory tariffs on more than €20 billion worth of American products, including soybeans, motorcycles, and beauty products, though it refrained from reacting to the 20% tariffs that took effect early Wednesday.
Trump’s sweeping tariff policy, initially rolled out on what he dubbed “Liberation Day,” included a 10% baseline tariff for all nations and additional rates for countries with trade surpluses with the US. While his goal, according to the administration, is to restore American manufacturing, the decision has rattled global trade and sparked diplomatic concerns.
US Treasury Secretary Scott Bessent warned nations against aligning with China, saying it would be “cutting your own throat.” In Panama, US Defense Secretary Pete Hegseth called attention to Beijing’s growing influence, particularly around the Panama Canal.
As tensions mount, the World Trade Organization warned of significant consequences. Director General Ngozi Okonjo-Iweala stated the trade war could shrink merchandise trade between the US and China by as much as 80%, cautioning that it could “severely damage the global economic outlook.”
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Punjab: Blast near army cantt area in Amritsar, hours after explosion in Jalandhar
Chandigarh (PTI): An explosion occurred near the army cantonment area in Khasa late Tuesday night in Punjab's Amritsar, the second such incident which took place around three hours after a blast outside the headquarters of the Border Security Force's Punjab Frontier in Jalandhar.
According to the police, an investigation into both blast incidents is currently underway, and no injuries have been reported.
The first explosion happened around 8 pm in Jalandhar, while the second blast occurred at approximately 11 pm in Amritsar.
Amritsar (Rural) Senior Superintendent of Police Suhail Mir Qasim stated that police received reports of a loud sound at around 11 pm on a road in Khasa. "Our teams arrived on the scene immediately," he said.
Preliminary inspections indicated that someone had thrown an explosive device towards the boundary wall, leading to the explosion, according to the SSP.
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Police mentioned that a piece of a tin sheet covering the boundary wall had fallen as a result of the blast.
Following the explosion, a team of forensic and bomb disposal squad visited the site to collect samples.
Amritsar Rural Superintendent of Police Aditya S. Warrier, who also visited the scene, confirmed that further investigations are ongoing. Police added that a team of army officials also assessed the situation, after which the area was cordoned off.
CCTV footage from the vicinity shows the explosion occurring at night. A local villager reported that his family was awakened by the loud sound and came outside their home to see what had happened.
Before the Amritsar explosion, a blast took place outside the headquarters of the Border Security Force's Punjab Frontier in Jalandhar district around 8 pm on Tuesday, causing panic in the area.
CCTV footage captured the explosion, which resulted in a cloud of smoke. An unidentified man was seen running for cover following the blast.
The blast ripped apart a scooter, damaged a traffic signal pole and windowpanes of a nearby shop. Locals recounted that the scooter, which was parked outside the BSF headquarters, Punjab Frontier, caught fire shortly after a loud sound. It belonged to Gurpreet Singh, who regularly delivers parcels in the area.
Talking to reporters on Tuesday night, one of Gurpreet's relatives said that the scooter caught fire as he was approaching it. He immediately called his father and informed him about the incident.
Jalandhar Police Commissioner Dhanpreet Kaur confirmed to reporters late Tuesday that an Activa scooter parked near the gate caught fire suddenly. She stated that Gurpreet is fully cooperating with the investigation.
Witnesses nearby reported hearing a loud sound following the explosion.
On April 27, an explosion occurred at a freight corridor rail track in Shambhu in Patiala. Police had arrested four members of a pro-Khalistan terror module, backed by Pakistan's ISI, for the blast.
In light of these incidents, opposition parties have condemned the AAP government for its handling of the situation.
Shiromani Akali Dal (SAD) President Sukhbir Singh Badal criticised Chief Minister Bhagwant Mann, who also holds the home portfolio, over the recent blasts.
"Three blasts in 10 days, two in a single day, May 5: Jalandhar outside BSF headquarters and Sri Amritsar Sahib Army area, April 27: Rajpura rail track. Continued intelligence failures and the collapse of law and order are a matter of grave concern. Chief Minister @BhagwantMann, who is also the state Home Minister, is busy with mimicry and cheap politics. He has forfeited the right to remain in office," Badal said in a post on X.
Punjab Congress chief Amrinder Singh Raja Warring also slammed the Mann government over the two blasts.
"Back-to-back blasts have shaken Punjab. Yesterday in Jalandhar, and now near Khasa Camp in Amritsar, this is deeply alarming. Who is trying to destabilise our state? Why has the Punjab Government failed to prevent such incidents? What is the Government of India doing? Repeated lapses point to a serious breakdown of intelligence and security. Punjab's peace cannot be compromised. We demand accountability and immediate action," Warring said in a post on X.
