President Donald Trump has announced an immediate tariff increase on China to 125% while granting a 90-day tariff reduction to 10% for over 75 other countries. The announcement led to an immediate and massive surge in the stock market. Trump announced the tariff change on Truth Social, writing that it was due to China’s “lack of respect for the World’s Markets.” In response to Trump’s original 104% tariff on China, the Chinese government announced it would retaliate by increasing tariffs on American products from 34% to 84%. Trump highlighted discussions with representatives from over 75 other countries by U.S. departments such as Commerce, Treasury, and the Office of the U.S. Trade Representative (USTR). These nations, he wrote, have sought to negotiate solutions regarding trade barriers,…
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