US Treasury Secretary Scott Bessent told reporters that US President Trump is pausing his so-called “reciprocal” tariffs on most of the country’s biggest trading partners but maintaining his 10 per cent tariff on nearly all global imports.
The Treasury Secretary also said President Trump will escalate action against China.
Facing a global market meltdown, President Donald Trump on Wednesday abruptly backed down on his tariffs on most nations for 90 days, but raised his tax rate on Chinese imports to 125 per cent.
It was seemingly an attempt to narrow what had been an unprecedented trade war between the US and most of the world to one between the US and China.
Global markets surged on the development, but the precise details of Trump’s plans to ease tariffs on non-China trade partners were not immediately clear.