Donald Trump freezes retaliatory tariffs on the EU and other countries – but increases them for China

Donald Trump has issued a 90-day pause on reciprocal tariffs on all countries bar China.

The US president made the announcement on Truth Social on Wednesday evening, giving an immediate boost to stock markets.

It came just hours after the EU had greenlit tariffs on more than $20 billion of US goods including soybeans, motorcycles, chewing gum, peanut butter and beauty products.

It was not immediately clear if Brussels would hold off on implementing them following Trump’s clawback.

White House press secretary Karoline Leavitt told a press conference: ‘There will be a 90-day pause in the reciprocal tariffs as these negotiations are ongoing and the tariff level will be brought down to a universal 10%.’

Meanwhile, tariffs against China were raised even higher to 125%.

Leavitt said this was because ‘when you punch at the United States of America, President Trump is going to punch back harder.’

She claimed more than 75 countries had requested negotiations with Trump and that the White House had been ‘overwhelmed’ by the response.

Trump wrote on Truth Social: ‘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.

‘Conversely, and based on the fact that more than 75 Countries have called Representatives of the United States, including the Departments of Commerce, Treasury, and the USTR, to negotiate a solution to the subjects being discussed relative to Trade, Trade Barriers, Tariffs, Currency Manipulation, and Non Monetary Tariffs, and that these Countries have not, at my strong suggestion, retaliated in any way, shape, or form against the United States, I have authorized a 90 day PAUSE, and a substantially lowered Reciprocal Tariff during this period, of 10%, also effective immediately. Thank you for your attention to this matter!’