What about China?
The US President had earlier imposed a tariff of 20 percent on Chinese goods, which was topped up with an additional 34 percent on April 3. Later, Beijing responded with its own 34 percent duty on American goods. In response, Trump announced another 50 percent tariff to take it to 84 percent and later to 104 percent. On April 9, Trump, while announcing a pause, announced a 125 percent tariff on the world's second-largest economy. Currently, China's tariff on US goods stands at 84 percent.
Are there any more tariffs and exceptions?
These tariffs announced by the US are in addition to separate rates for steel, aluminum and auto imports. Tariffs of 10 percent or 25 percent on Canadian and Mexican goods, with the exception items covered by the North American trade pact, will also stay the same, the official said.
The pharma sector is unlikely to get any relief as Trump reiterated on Wednesday his intention to move forward with tariffs on drug imports.
Why were tariffs put on hold?
In the last few days, the US President has been under a lot of pressure from investors and business leaders to reduce or remove tariffs.
Trump said he thought about paring back his tariffs “over the last few days” in discussions with Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick, and the decision “probably came together early this morning.”
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