"Considering that over 75 countries have convened representatives of the United States, including the Departments of Commerce, Treasury and the USTR, to negotiate a solution to the issues at issue relating to trade, trade barriers, tariffs, currency manipulation and non-monetary tariffs, and that these countries, at my strong suggestion, have not retaliated against the United States in any way, I authorize a 90-day pause and a substantially reduced reciprocal tariff of 10% during this period, also effective immediately." This is what US President Donald Trump wrote on his social Truth.
The measure excludes China, for which tariffs have been increased to 125%, in an endless escalation with Beijing.
Following the announcement, Wall Street began to run. The American stock markets recorded their biggest increase since 2020, seeing the worst-case scenario of the trade war recede, that is, a deep recession that was almost taken for granted before the American president's announcement. The Dow Jones reaches a gain of 7%, the Nasdaq runs and exceeds +11% while the S&P 500 rises by over 8%. The European stock markets closed before Trump's turnaround and were thus unable to take advantage of Wall Street's push. But tomorrow, it already seems clear, will be another day.
"We will work with our trading partners to find a solution," said US Treasury Secretary Scott Bessent, who pointed the finger at China, considered "the main source of the United States' trade problems."
In cold weather
Once the surprise effect had passed, Trump continued to speak from the White House and reiterated that he was convinced that "China wants an agreement on tariffs. They want it but they don't know where to start," he argued, before adding about the Chinese: "They are proud people. President Xi is a proud man. I know him very well, and they don't know exactly how to proceed. But they will find a solution. They are trying to understand something, but they want to reach an agreement." A thought also for Europe: "We will make fair agreements with all countries."
(Online Union)