President Donald Trump dramatically reversed course, dropping his country-specific tariffs down to a universal 10% rate for all trade partners except China.
China’s tariff rate will jump to 145%, a White House official confirmed to CNBC.
White House economic advisor Kevin Hassett says there are trade deal offers from 15 countries.
At a Cabinet meeting, Trump declined to rule out extending the 90-day tariff pause and said he hadn’t yet seen Tuesday’s market sell-off.
Trump knew his tariffs might cause a recession, but his fear of a depression preceded his decision to pause the duties’ implementation for 90 days, the Wall Street Journal reported.
Stock markets fell after a huge rebound Wednesday.
https://www.cnbc.com/2025/04/10/china-trump-tariffs-live-updates.html
