1 week Ago By France 24
US President Donald Trump backtracked on Wednesday, announcing a 90-day pause on tariffs, with the exception of China, which will see rates increased to at least 125%. The US stock market soared on the news. Trump told reporters that he pulled back on many tariffs because people were getting “yippy” and “afraid.
” US President Donald Trump abruptly paused tariffs on most countries Wednesday after admitting they made the markets nervous, but doubled down on a brutal trade war with superpower rival China . Following days of market turmoil, Wall Street stocks saw historic surges in reaction to Trump's announcement that he was halting a levy hike for almost all nations for 90 days. But Trump said he was raising tariffs on China to 125 percent because of a "lack of respect.
" Trump denied that he had backtracked on the tariffs , telling reporters as he welcomed a group of motor racing champions at the White House that "you have to be flexible." "People were jumping a little bit out of line, they were getting yippy, a little bit afraid," Trump said. "Yippy" is a term in sports to describe a loss of nerves.
He said he had been watching the "very tricky" state of the crucial US bonds market before his decision. "I saw last night where people were getting a little queasy." Trump however predicted that trade deals will be made with all countries, including China.
Trump insisted that he "can't imagine" increasing Chinese tariffs more then he has. China duel (FRANCE 24 with AFP) Read more on FRANCE 24 English Read also: Trade war: Is China better equipped to confront Trump than in 2018? Trump pauses "reciprocal tariffs" for 90 days while raising the rate to 125% on China.
