US President Donald Trump abruptly backed down Wednesday in his global trade war with a 90 day pause for most countries — but slapped even more tariff against China in what has become a full-scale confrontation between the world’s two largest economies.
Following days of global market turmoil, Wall Street stocks surged in reaction to Trump’s announcement.
“I have authorized a 90 day PAUSE” on higher tariffs that took effect on Wednesday, Trump said on his Truth Social network, saying he took the decision after more than 75 countries had reached out to negotiate and did not retaliate against the United States.
Only a flat rate of 10 percent tariffs on all countries that took effect on Saturday will remain in place. This marked a stunning reverse from often punishing levies that hit even many of the closest US allies.
