US Prez Trump says he pulled back on many global tariffs — but not on China — because people were getting 'yippy,' 'afraid'

Washington, Apr 9 (AP) Facing a global market meltdown, President Donald Trump on Wednesday abruptly backed down on his tariffs on most nations for 90 days, but raised the tax rate on Chinese imports to 125 per cent.

Trump posted on Truth Social that because “more than 75 Countries” had reached out to the US government for trade talks and have not retaliated in meaningful way “I have authorised a 90 day PAUSE, and a substantially lowered Reciprocal Tariff during this period, of 10 per cent, also effective immediately.” Trump later told reporters that he pulled back on many global tariffs - but not on China - because people were “yippy,” and “afraid,” adding that while he expected to reach deals that “nothing's over yet.” The president said he had been watching the bond market and that people were “getting a little queasy.” But after his tariff pause, Trump described the bond market as “beautiful.” The abrupt back down on his tariffs was seemingly an attempt to narrow what had been an unprecedented trade war between the US and most of the world to a showdown between the US and China.

The S&P 500 stock index jumped more than 7 per cent after the announcement, but the drama over Trump's tariffs will now be prolonged as the administration engages in negotiations that could cause uncertainties to persist in the world economy. (AP) NPK NPK

Source: PTI