Trump, in a midnight surprise, paused tariffs on most countries except China, whose duties were raised to 125 per cent from the earlier 104 %
China’s retaliatory tariffs of 84 per cent on all imported American goods came into effect on Thursday, hours after US President Donald Trump upped the ante and raised duties on Beijing to 125 per cent.
The levies will apply to all US products entering the world’s second-largest economy, which, according to the office of the US Trade Representative, totalled $143.5 billion in 2024.
Trump, in a midnight surprise, paused tariffs on most countries except China, whose duties were raised to 125 per cent from the earlier 104 per cent. His announcement on halting the implementation of tariffs led stocks across the world to surge, giving hope to investors after days of bloodbath.