US Temporarily Halts Tariffs for Most Countries, Excluding China
The United States has announced a 90-day pause on new tariffs for most countries, allowing them to negotiate new trade agreements. This move aims to encourage discussions on trade barriers, tariffs, currency manipulation and non-monetary tariffs. During this period, a universal 10% tariff will be applied to facilitate negotiations.
Exemption for Most Countries
Seventy-five countries have expressed interest in negotiating with the US, prompting this temporary pause. These countries have not retaliated against the US, leading to this decision. The pause is intended to give trade partners time to negotiate and find mutually beneficial solutions.
China's Exclusion
However, China is excluded from this pause and will face increased tariffs. The US has raised tariffs on Chinese goods to 125%, effective immediately, citing China's lack of respect for global markets. China has retaliated by imposing an 84% tariff on US imports, escalating the trade conflict.
Impact on Global Markets
The US markets have responded positively to the announcement, with the S&P 500 and Nasdaq experiencing significant gains. The pause in tariffs is seen as a move to reduce market volatility, but the ongoing trade tensions with China may still have far-reaching consequences for global markets.
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