Trump Caves Into Pressure, Puts 90 Day Hold on Onerous Tariffs
… but Increases Tariff on China to 125%
'Government By Chaos': Trump Slammed For Whiplash Tariff Policies (huffpost.com)Why Trump Blinked on Tariffs Just Hours After They Went Into Effect (wsj.com)Republican lawmakers lobbied Trump to shift tariff strategy (semafor.com)Commerce Secretary Denies That Trump’s 90-Day Tariff Pause Was Influenced By Drop In Bond Markets (huffpost.com)Election-Denying, Fake COVID Cure-Pushing Fabulist Is Now Driving Trump Tariff Scheme (huffpost.com)Trump’s tariffs pushed the U.S. uncomfortably close to a financial crisis before pause (washingtonpost.com)“Suffering from the whims of a madman”: MAGA measures the true cost of Trump’s tariffs gamble (salon.com)Jamie Dimon Appeared on Maria Bartiromo to Warn of Recession Because He Figured Trump Would Tune In — And He Was Right (mediaite.com)
CNBC:
President Donald Trump on Wednesday announced a 90-day pause on the full effect of his new tariffs for at least some countries.
Trump in a social media post also said that he “substantially lowered Reciprocal Tariff during this period, of 10%, also effective immediately. ”
Trump additionall said he was raising the tariffs imposed on imports from China to 125% “effective immediately” due to the “lack of respect that China has shown to the World’s Markets.”
Trump Caves on Tariff Policy … The sudden shift comes after days of economic turbulence, with stocks plunging and fears of a broader slowdown intensifying. … Investors and business leaders had grown increasingly vocal in their criticism, warning that the tariff war was triggering market instability and threatening economic growth. … Sources familiar with internal discussions say the move came after repeated warnings from top economic advisers and private urgings from major GOP donors, many of whom feared long-term damage to the economy and the party’s political standing.
The moves follow China raising its tariffs on American-made goods to 84%.DEVELOPING…