President Donald Trump is pausing “reciprocal” tariffs on most countries for 90 days.
However, he is raising the tariff on Chinese imports to a staggering 125 per cent.
In a social media post, Trump said China has shown a “lack of respect” to the world’s markets.
“At some point, hopefully in the near future, China will realize that the days of ripping off the U.S.A., and other Countries, is no longer sustainable or acceptable,” Trump wrote in the post on his Truth Social platform.
Wednesday’s development sent global markets skyrocketing after drops in recent days.
One week ago, Trump announced a “baseline” 10 per cent tariff on all countries, with reciprocal tariffs as high as 50 per cent for those that have “the largest trade deficits” with the U.S.
The changes will not have any impact on Canada since we were exempt from reciprocal tariffs.
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