Trump Imposes Up to 125% Tariff on China, 25% on Canada and Mexico; Suspends Tariffs on Other Countries for 90 Days

Trump Imposes Up to 125% Tariff on China, 25% on Canada and Mexico; Suspends Tariffs on Other Countries for 90 Days

Washington (AP): On Wednesday afternoon, as President Donald Trump stepped out of the Oval Office, the sun was shining brightly and the stock market was at a high. Just two hours earlier, he had backed off from a plan to raise tariffs on many countries — investors breathed a sigh of relief, as fears of a global financial meltdown had loomed.

Wyoming Republican Senator John Barrasso told Trump, “The markets now recognize your wisdom.”
Trump responded, “No one’s ever heard of anything like this before.”

That exaggeration had now become a reality. The president himself had created a situation that had pushed the global economy to the brink. The threat of new tariffs had caused the stock market to plummet, companies to cancel their plans, and foreign leaders to brace for a new economic reality.

But just a week later, Trump suddenly announced on social media that he was rolling back most of the tariffs.
“I’d call it flexibility,” said Trump — just days after stating he would “never back down.”

Negotiations Without Deals, Uncertainty Persists
So far, no new trade deals have been finalized. However, the White House says discussions are ongoing.

This tariff whirlwind has shaken global business confidence, raised questions about American leadership, and even exposed internal conflicts within the Trump administration. Ordinary American investors — those relying on retirement funds or college savings — also suffered losses.

The imposition of up to 125% tariffs on China has sparked global concern. Canada and Mexico are now facing 25% tariffs, already in effect. The same rates have been applied to automobiles, steel, and aluminum.

Tariffs on Japan (24%), South Korea (25%), and the European Union (20%) have been suspended for 90 days.

On April 2, at the White House, Trump declared it “Liberation Day,” saying, “My beloved Americans, today is the day of freedom.” He held a poster listing the tariff rates by country — Thailand 32%, Cambodia 49%, India 26%.

Even the Heard and McDonald Islands in the Southern Ocean — home mostly to penguins — were hit with tariffs.

Later, Trump attended a Saudi-funded golf tournament in Florida, where he proudly announced, “I’m the club champion.”