MercoPress. South Atlantic News Agency

Trump lowers huge tariffs for everybody but ups those for China

“I have authorized a 90-day pause and a substantially lowered reciprocal tariff,” Trump explained

US President Donald Trump Wednesday announced a 90-day freeze on reciprocal tariffs for most countries, reducing them to a 10% baseline, while raising tariffs on Chinese goods to 125%, effective immediately. The decision followed negotiations with over 75 nations interested in new trade terms, spurred by Trump’s initial tariff announcements last week.

He justified the pause by noting market nervousness and a need for flexibility, despite earlier claims of non-negotiable tariffs. However, things were not the same for China given what Trump called decades of trade abuse and disrespect to global markets, prompting Beijing to raise its own tariffs on U.S. goods to 84%.

The move led to a significant market rebound, with the S&P 500 rising 9.52%, though JPMorgan economists warned of a 60% recession risk. Trump expressed intent to negotiate fair deals, including with China, while Treasury Secretary Scott Bessent highlighted the strategy’s leverage and openness to talks with allies like Canada and Mexico.

“What was happening to us on trade, not only with, you know, if you look at it, not only with China, but China was by far the biggest abuser in history, and others also, but somebody had to do it,” Trump said.

The Republican leader also explained he had watched JP Morgan Chase CEO Jamie Dimon on Fox Business Network saying a recession was “a likely outcome” but defending the tariffs nonetheless. “The CEO made the statement to the effect that something had to be done with the tariffs and trade. ... He understood it,” Trump argued. “It wasn't sustainable what was happening. Somebody had to pull the trigger. I was willing to pull the trigger.”

“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,” Trump also posted on Truth Social. “At some point, hopefully in the near future, China will realize that the days of ripping off the USA and other countries is no longer sustainable or acceptable.”

He also mentioned that representatives of more than 75 nations have contacted the White House to negotiate trade and non-monetary tariffs, among other issues. “These countries have not ... retaliated in any way, shape or form against the United States,” Trump said. “I have authorized a 90-day pause and a substantially lowered reciprocal tariff during this period of 10%, also effective immediately.” He insisted he wanted “fair deals for everybody, but they weren't fair to the United States.”

“Many of you in the media clearly missed the art of the deal,” White House Press Secretary Karoline Leavitt told reporters Wednesday. “You clearly failed to see what President Trump is doing here.”