U.S. President Trump dropped a bombshell at midnight, announcing a 90-day suspension of reciprocal tariffs, but China instead intensified its crackdown. Here is his full statement earlier on Truthsocial:
Based on China's demonstrated lack of respect for the global market, I hereby announce that the tariffs imposed by the United States on China will immediately increase to 125%.
One day, hopefully in the near future, China will realize that the days of taking advantage of the United States and other countries are no longer sustainable or acceptable.
On the other hand, based on the fact that more than 75 countries have contacted U.S. representatives (including the Department of Commerce, the Department of the Treasury, and the Office of the U.S. Trade Representative) to negotiate solutions on current discussions regarding 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, shape, or form—therefore, I have authorized a 90-day suspension and during this period, will significantly reduce the reciprocal tariffs to 10%, and this decision is effective immediately.
Bitcoin breaks through $81,000
As a result, Bitcoin surged past $81,000, and Ethereum also rebounded to above $1,600.
All four major U.S. stock indices also rose sharply, with the semiconductor index soaring by 11.65%, and the major stock Nvidia skyrocketing more than 14%.
