(WASHINGTON DC) — President Donald Trump is announcing a 90 day pause on some tariffs. White House Press Secretary Karoline Leavitt said it’s due to countries calling to negotiate trade deals. In a post on Truth Social, Trump said the pause is effective immediately.
Trump also said he’s raising the tariff charged against China to 125-percent. Treasury Secretary Scott Bessent said the increase is because China chose to retaliate by raising tariffs on U.S. goods. President Trump says no other president would have done what he did regarding tariffs, speaking outside the White House shortly after announcing the 90-day pause on some tariffs. The President also said China wants to make a deal and he expressed confidence that a trade deal will be made with every country.
Wall Street reacted positively to the news with the Dow Jones Industrial Average, S&P 500 and Nasdaq all surging in the minutes following Trump’s announcement. The grain and livestock markets along with energies and metals also had a sharply higher reaction following the news. Don Roose with U.S. Commodities joined us for closing commentary to discuss the market moving headlines on Wednesday.
House Ways and Means Trade Subcommittee Chairman Adrian Smith (R-NE) released the following statement after President Trump announced a 90-day reciprocal tariff pause, reducing rates to 10 percent for trading partners and increasing the tariff rate for China.
“The president’s announcement is a step forward in the negotiation process. American producers, manufacturers, and service providers are eager to see improved market access for their products, and many of our trading partners have shown a willingness to engage with the administration to lower tariff and non-tariff barriers. This international response stems directly from President Trump’s efforts to drive a hard bargain and level the playing field. I continue to urge the President, his administration, and our trading partners to address these concerns and negotiate enforceable agreements in a timely manner. Through robust, fair trade we will unleash economic growth.”
