The United States U.S. has announced a 90-day suspension of tariffs on imports from all countries except China. However, President Donald Trump has raised tariffs on Chinese goods to 125%, while other nations will face a 10% tariff. The decision takes effect immediately.
Trump criticized China, stating that it has not respected global trade rules. He warned that the era of China taking advantage of the US and other countries is over. Seventy-five nations have reportedly contacted the US to discuss trade negotiations, with none imposing retaliatory tariffs so far.
Also read: Trump slaps 84% additional tariffs on Chinese goods
The news led to a surge in US stock markets, with the Nasdaq up 9%, and both the S&P 500 and Dow Jones rising 6%. Cryptocurrencies also saw a sharp rise, with Bitcoin nearing 83,000—an increase of over 8,370.
Meanwhile, global crude oil prices jumped, with US oil rising over 2to61 per barrel and UK oil reaching nearly $65. Gas prices also climbed by more than 7.5% in international markets.
