Trump gives most countries 90-day pause on tariffs as China trade war escalates
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US President Donald Trump has paused freshly imposed tariffs above 10% on most countries, just hours after the levies went into effect.
The European Union had faced 20% tariffs, while Vietnam was hit with 46%, Japan 24%, India 26% and Cambodia 49%, among others.
In a post on Truth Social, Trump said there would be a 90-day pause for countries that didn’t retaliate, with tariffs reduced or kept at a universal 10%, effective immediately.
More than 75 countries are said to have reached out to the US administration to negotiate on trade.
Trade war
One country that isn’t getting a break is China. Already deep into a trade war, tit-for-tat tariffs have seen the US administration impose new charges at 125%.
The decision to initiate tariffs around the world has led to global economic turmoil. As we’ve reported this week, the levies have impacted the tech and games industries, particularly hardware manufacturers like Apple, which has lost hundreds of billions of dollars off its market cap, while Nintendo has delayed pre-orders in North America for the Switch 2.
Markets have begun to rally since the announcement.
