Trump pauses tariffs but maintains China stance amid tensions
American tariffs on imports from China are currently at 145%, following the previous increase, as reported by CNBC on Thursday, citing statements from White House representatives.
According to the latest findings, U.S. tariffs on China include both a 125% rate, which covers so-called reciprocal tariffs, and the tariffs imposed on China in response to Chinese retaliatory tariffs. The tariffs on Beijing also include a 20% rate imposed by Trump earlier this year for alleged fentanyl smuggling.
U.S. tariffs on the world's second-largest economy are a result of the escalating trade war, in which subsequent decisions on retaliatory tariffs follow swiftly.
Trump suspends tariffs
On Wednesday, U.S. President Donald Trump announced a 90-day pause in the application of increased tariffs, except for those on China. During this time, the tariffs are to remain at 10%. The decision came 13 hours after the new U.S. tariffs on imports took effect.
On Thursday, the S&P 500 index fell by 3.2%, the Nasdaq Composite declined by 4.4%, and the DJI decreased by 3%.
