We begin tonight with the brewing trade war between the U.S. and China as markets surged after President Trump paused most reciprocal tariffs today however, the President excluded China in the 90-day pause and raised its reciprocal levies to at least 125% instead.
Sherrell Hubbard has the latest on the tariff roller coaster between the world’s two largest economies.
The markets soared Wednesday
After President Trump announced he’s pausing some of the tariffs that took effect at Midnight.
“I did a 90 day pause for the people that didn’t retaliate because I told them if you retaliate, we’re going to double it.”
Not included in the 90-day pause China.
In fact their tariffs increase even further.
“China will be raised to 125% due to their insistence on escalation.”
This after China announced retaliatory tariffs of 84% on us goods, further escalating the trade war.
“They responded. They have shown themselves to the world to be the bad actors, and we are willing to cooperate with our allies and with our trading partners who did not retaliate.”
The standoff between the world’s two largest economies seemingly turning personal.
“We borrow money from Chinese Peasants to buy the things those Chinese Peasants manufacture.”
Vice president J.D. Vance’s Chinese Peasants comment last week igniting outrage in China.
Beijing lashed out at Vance on Tuesday, calling his remarks, “ignorant and disrespectful.”
Meantime, critics slammed the President saying “irretrievable damage” has already been done to the economy.
“He keeps changing things from day to day you cannot run a country with such chaos.”
I’m Sherrell Hubbard reporting.