Everyone else down to 10% but China to 125%.
From Trump:
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!
There it is.
The are gigantic bids in equities on this. It’s not entirely clear if the EU is covered as they did retaliate but I suspect those ones also go to 10%.
The point here is that it was all a negotiation tactic. This is what many thought would happen before the tariff deadline at midnight.
This puts to sleep the entire ‘reciprocal but not reciprocal’ fiasco and leaves everyone with 10% rates. That’s not exactly great and those China rates are brutal but an interesting quirk in the China rates is that shipments on the water currently don’t get the 50% tariffs yesterday or (presumably) this one. That leaves room for negotiations.
