President Donald Trump announced on April 9 a temporary suspension of tariffs for more than 90 days for most partners, a surprising reversal in the context of a trade war that has caused the market to fluctuate.
President Trump announced on social media at 1:30 p.m. on April 9 (local time) about the decision to postpone theorous imposition of the tariffs for 90 days because more than 75 trade partners have not paid and have contacted the US to "discuss" some of the issues he has raised.
I have put a 9-day deadline on those who did not repay, because I told them, If you repay, we will double it, Trump said.
The 30-day tariff extension does not apply to China, which has imposed an 84% retaliatory tax on US goods. Instead, President Trump has raised tariffs on Chinese goods to 125%, effective immediately.
But the trade war is not really over, and the tax delay does not bring the world back to the time before President Trump implemented policies, NBC News noted.
The US 10% comprehensive tax rate will remain. For Canada and Mexico, goods under the US, Canada and Mexico trade agreements will continue to be not subject to tax, while items not exempt from tax under the trade agreement will be subject to a duty rate of 25%. Canada's energy and fertilizer products will be subject to a tax rate of 10%.
It is not yet clear which countries and territories will be subject to the postponement. The White House has not commented on this information. On April 9, the EU voted to impose a US counterpart tax, but this measure has not yet taken effect.
