WASHINGTON – US President Donald Trump has announced a 90-day pause on the tariffs imposed last week, along with a further increase in tariffs on Chinese goods.
In his statement, Trump said that the tariffs on Chinese imports are being raised to 125% and will take effect immediately.
He added that the retaliatory tariffs imposed last week will be paused for 90 days, with immediate effect as well.
Following Trump’s announcement, the U.S. stock market witnessed a surge, with the Dow Jones rising by 2,000 points and the Nasdaq showing an 8% increase.
Additionally, crude oil prices rose by 2%, while gold prices in the global market saw a 3% increase.
Earlier, China retaliated by announcing new tariffs of up to 84% on U.S. imported goods.
A statement issued by China’s Ministry of Finance said that the new tariffs on American products will take effect from Thursday.
It is important to note that China had already imposed a 34% tariff on U.S. imports, which has now been further increased.
