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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Bomb-like object recovered in Jaisalmer's Kishanghat area; Area cordoned off
Jaipur (PTI): A bomb-like object was found in the Kishanghat area of Rajasthan's Jaisalmer district on Friday morning, prompting swift action by the local police and air force.
According to the police, the object was found near a nursery in the colony of the Jogis, located in front of Kishanghat under Kotwali police station area.
Kotwali SHO Prem Daan said it seems to be a bomb-like object. Experts from the army are on their way Kishanghat to defuse it.
"It it currently not known if it is live or destroyed," he said.
Arjun Nath, a local, spotted the object and immediately informed Kishanghat Sarpanch representative Kalyan Ram, who then alerted authorities. Following this, teams from the local police and the Indian Air Force arrived at the scene, they said.
The area has been cordoned off as a precautionary measure and further investigation is underway.
The object resembled parts of a drone that was launched by Pakistan on Jaisalmer on Thursday night around 10.30 pm. However, official confirmation is awaited.
Authorities have urged residents to remain calm and follow safety instructions as security measures have been intensified in the region.
