Trump tariffs updates: President decided to pull reciprocal tariffs 'this morning'
Last updated: Thursday, April 10, 2025 2:00AM GMT
In a dramatic move Wednesday, President Donald Trump says he has authorized a 90-day pause in the higher tariffs for most countries he announced last week - while maintaining a 10% baseline tariff across the board.
In a dramatic move Wednesday, President Donald Trump says he has authorized a 90-day pause in the higher tariffs for most countries he announced last week - while maintaining a 10% baseline tariff across the board.
Treasury Secretary Scott Bessent told reporters, "It took great courage, great courage for him to stay the course until this moment," reiterating what he mentioned a week ago, "do not retaliate, and you will be rewarded."
The pause would not apply to China - on which Trump said he was raising the U.S. tariff to 125% because, unlike other countries, Bessent said, it was unwilling to make a deal.
Trump announces 90-day 10% reciprocal tariff rate and increased 125% tariff rate on China
President Donald Trump has announced that countries subject to reciprocal tariffs will have a lowered 10% rate for 90 days, according to a new social media post.
This does not apply to China, which Trump says is now subject to a 125% tariff rate following their retaliatory tariff announced earlier Wednesday.
President Donald Trump speaks during an event on energy production in the East Room of the White House, Tuesday, April 8, 2025, in Washington.
"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 wrote.
Apr 09, 2025, 3:41 PM GMT
Russia criticizes Trump on tariffs, is 'closely monitoring' situation
The Russian Foreign Ministry spokesperson on Wednesday criticized President Donald Trump's tariffs, saying they "go against the basic rules" of the World Trade Organization and expressed concern about the escalating trade war between the U.S. and China.
"All the more serious concerns are raised when it comes to the two main economies of the world, one of which is the PRC, our many-year-old largest foreign trade partner. We are closely monitoring the development of the events, we will analyze the possible consequences, of course, and take measures to minimize potential damage to our country," the spokesperson said.
Apr 09, 2025, 3:42 PM GMT
European Union countries vote to introduce countermeasures to Trump tariffs
European Union countries have backed the European Commission's proposal to push back on President Donald Trump's tariffs on steel and aluminum with a set of countermeasures.
Crystal Cranmore has the latest from Wall Street as the responses to Trump's tariffs continue rolling in.
"Today's vote of approval by Member States means that -once the Commission's internal procedures are concluded, and the implementing act published - countermeasures will enter into force. Duties will start being collected as of 15 April," it added.
Apr 09, 2025, 3:09 PM GMT
Billionaire Bill Ackman, a Trump supporter, calls for 90-day tariff pause
Billionaire Trump supporter Bill Ackman is calling for a 90-day pause so the president can "accomplish his objectives without destroying small businesses in the short term."
In a lengthy post on X, Ackman warns that if Trump "doesn't pause the effect of the tariffs soon, many small businesses will go bankrupt."
"Medium-sized businesses will be next," Ackman added.
Apr 09, 2025, 3:40 PM GMT
China to increase tariffs on US goods to 84%
China on Wednesday said it would increase its reciprocal tariffs on U.S. goods to 84% from the previous 34%, per a statement from the country's Finance Ministry.
Trucks line up to enter a Port of Oakland shipping terminal on Nov. 10, 2021, in Oakland, Calif.
The ministry's statement said escalating U.S. tariffs were a "mistake," adding: "China urges the U.S. to immediately correct its wrong practices, cancel all unilateral tariff measures against China and properly resolve differences with China through equal dialogue on the basis of mutual respect."
The measure came after President Donald Trump's additional tariffs on Chinese goods came into force just after midnight, bringing the total rate of tariffs on Chinese goods to 104%.
