President Donald Trump has issued an update to his tariff policy that saw the stock market in shambles the past few days.
He announced he’s “authorized a 90 day PAUSE, and a substantially lowered Reciprocal Tariff during this period, of 10%, also effective immediately.”
However, this does not include China, who will now see a 125% tariff raise, from 104%.
“Based on the lack of respect that China has shown to the World’s Markets, I am hereby raising the Tariff charged to China by the United States of America to 125%, effective immediately. 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.
After this announcement, stocks began surging. The S&P 500 climbed 6.5% and the Nasdaq climbed 8%.
See the unusual place Trump imposed one of his tariffs.