‘Lack of respect’: Donald Trump raises China tariffs to 125 per cent, declares 90-day tariff pause

Donald Trump has announced a 90-day pause for dozens of countries on tariffs above 10 per cent except China, which he said would now rise to 125 per cent, causing stocks to surge.

Donald Trump will grant an immediate 90-day pause on tariffs above 10 per cent for countries that have come to the negotiating table while dramatically escalating his trade war with China.

The US President walloped Beijing with a new 125 per cent import tariff over what he described as a “lack of respect” shown when it retaliated with its own tariffs hours earlier.

Markets surged as the pause was announced following a tumultuous morning in which both China and the European Union unveiled plans to strike back against Mr Trump’s ‘liberation day’ tariffs which came into effect hours earlier.

The Dow Jones Industrial Average achieved its largest one-day points gain on record when it jumped 2,962.86, or 7.9 per cent to close at 40,608.45.

“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,” Mr Trump announced on Truth Social.

“At some point, hopefully in the near future, China will realise that the days of ripping off the USA, and other countries, is no longer sustainable or acceptable.”

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Originally published as ‘Lack of respect’: Donald Trump raises China tariffs to 125 per cent, declares 90-day tariff pause