US President Donald Trump in a dramatic U-turn on April 9 announced a 90-day reprieve from higher tariffs for over 75 countries even as he doubled down on his attack against China, providing a massive boost to global stock markets.
“I have authorised a 90-day PAUSE, and a substantially lowered reciprocal tariff during this period, of 10 percent, also effective immediately,” Trump said.
Trump's about-face came around 13 hours after high duties on 56 nations and the European Union took effect, fuelling market turmoil and stoking recession fears.
So, what is the current tariff rate?
Trump had announced on “Liberation Day” (April 3) that he will be imposing tariffs, effective from April 9, on countries that are engaged in “unfair trade practices” and have big deficits with the US.
The duties announced were in addition to a baseline reciprocal tariff of 10 percent on all the goods coming into the US. Trump has not removed this 10 percent tariff rate and it will be applicable for all the goods imported into the US.