US President Donald Trump made a prominent announcement on Wednesday and announced to stop the import duty (tariff) imposed on most countries of the world for 90 days.
However, this relief has not been given to China, which Trump has ordered to impose a heavy duty of 125% with immediate effect. This decision has been taken suddenly, which created a stir in the markets around the world.
75 countries including India got relief
Trump said that more than 75 countries negotiated with the US on trade matters and did not retaliate, which is why they have been given relief from tariffs for 90 days. During this time a limited 'reciprocal tariff' will be applicable, the rate of which will be only 10%.
However, he adopted a tough attitude toward China and increased the tariff from 104% to 125%. Trump said that China did not respect the world market, so America had to take tough steps.
Trump's tough message on China
Trump wrote on his social media platform 'Truth Social', "The time China has exploited America and the rest of the world is over now. China is smart, they want to make a deal but they don't know how to do it." Trump hoped that China would find a way soon.
Why was the decision taken suddenly?
For many days, Trump was under pressure from Republican leaders and business organizations to stop the tariff, as it had increased the fear of global recession and trade war. However, Trump was firm on his decision.
According to a CNN report, this decision was taken after the fall in the US bond market and the warning from the Finance Ministry. US Treasury Secretary Scott Besant told Trump the seriousness of the situation, after which Trump immediately decided to stop the tariff.
Trump gave a statement.
While talking to reporters, Trump said, "We took this decision from the heart, without any legal advice. We saw that people were panicking and the market was faltering, so it was necessary to show flexibility."
US markets surge
Soon after the tariff break, the US stock markets witnessed a tremendous surge. The Dow index rose nearly 2,500 points, the Nasdaq jumped 12.2%, the highest in 24 years, while the S&P 500 index rose 6% to 5,281.44 points. Crude oil prices rose 4% and the dollar strengthened.
Relief news for India
Indian markets were seeing a decline due to the 26% tariff imposed on India by Trump. Now the Indian stock market may get some relief with the 90-day relief.
India's Foreign Ministry spokesperson Randhir Jaiswal said that talks are going on between India and the US regarding the trade agreement and we want to finalize it soon.
He said, "Trade, investment, and commercial relations between India and the US are strong and we are working towards deepening them further."
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