President Donald Trump has announced a 90-day pause on the sweeping tariff plan that went into effect on Wednesday, April 9, and an increase to 125 percent on the tariff on imports from China. Even with the 90-day pause, there's still also a 10 percent tariff on all other imports to the US.
"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 percent, effective immediately, " Trump posted on Truth Social. For not retaliating, and attempting to "negotiate a solution," the president says he also "authorized a 90 day PAUSE, and a substantially lowered Reciprocal Tariff during this period, of 10 percent" on trade with countries other than China.
China originally announced its own 50 percent tariff on US imports on April 8, The New York Times reports, before raising the tariff to 84 percent when Trump's plan went into effect. The European Union recently approved its own set of tariffs to go into effect on April 15.
Besides negatively impacting global trade, Trump's tariffs have already had an immediate effect on companies offering consumer products partially or completely manufactured outside of the US. Many companies can no longer afford to pay the tariff to get their products to US customers, or are considering raising prices to account for their losses.
For example, Nintendo attributed the pause on Switch 2 pre-orders in the US and Canada to the tariffs. The new import restrictions have also temporarily limited the sales of some products: Both Razer and Framework are no longer selling certain laptops in the US. Framework also delayed pre-orders on its new 2-in-1 convertible laptop and announced that it would be raising prices by 10 percent on the devices that remain for sale.
This article originally appeared on Engadget at https://www.engadget.com/big-tech/trump-announces-90-day-pause-on-tariffs-excluding-china-195630212.html?src=rss https://www.engadget.com/big-tech/trump-announces-90-day-pause-on-tariffs-excluding-china-195630212.html?src=rssLogin to add comment
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