The European Union (EU) arrested the reprisal plans of tariffs on goods of the United States on Thursday after the president of the United States, Donald Trump, abruptly suspended the highest duties in the block and other countries, leaving China in the sight of their commercial war.
The actions in Asia and Europe joined an important demonstration on Wall Street after Trump said Wednesday that he was stopping tariffs pronounced in tens of nations for 90 days, although he kept intact a 10 percent global baseline.
But Trump raised the tariffs on China to 125 percent to punish Beijing for retaliation. The White House later confirmed today that the tax contributed the general rate of the new tariffs on China to effectively 145pc by taking into account the 20 percent rates that Trump imposed to China earlier this year for fentanyl concerns.
The EU, which had faced a 20 percent rate, welcomed Trump’s change of meaning, saying that it was an “important step to stabilize the global economy.”
The 27 -nations block responded with its own olive branch, suspending for 90 days of tariffs in US products worth 20 billion euros that had been in retaliation to steel and aluminum tasks.
“We want to give negotiations a chance,” said EU Chief Ursula Von der Leyen in a statement.
However, he warned that “if negotiations are not satisfactory, our countermeasures will be activated” and that all options remain on the table.
Other countries are also aligning to negotiate.
Canadian Prime Minister Mark Carney, described Trump’s reversal as a “welcome appropriation” and said Ottawa would begin negotiations with Washington in a new economic agreement after the elections of April 28.
Vietnam said he had agreed with the United States to start commercial conversations, while Pakistan is sending a delegation to Washington.
China hits Hollywood as the White House says Total Beijing rates at 145pc
But there was no relief in Trump’s commercial war with China, which said that the policy of American tariffs “goes against the will of the world and goes against the entire world.”
The high tariffs against China entered into force at the same time as the 84pc retaliation taxes imposed by Beijing in US imports.
Beijing added Hollywood to his list of goals today, since he announced that “moderately reducing” the number of American films that matter.
But China’s Ministry of Commerce said the door remained open for dialogue.
“We hope that the United States meets half China and, based on the principles of mutual respect, peaceful coexistence and cooperation of all to win, properly resolve the differences through dialogue and consultation,” said the spokeswoman for the Ministry of Commerce, He Yongqian.
Trump has predicted that trade agreements will be held with all countries, including China, which for now has refused to reverse retaliation rates on US assets.
“An agreement will be made with China. An agreement will be made with each of them,” Trump said in the White House. However, China’s leaders “don’t know how to do it.”
Trump believes that his policy will relive the lost manufacturing basis of the United States by forcing companies to move to the US.
The former multimillionaire property magnate has focused particularly against China, accusing him of excess production and “economic goods in other economies.
Meanwhile, the White House confirmed that the steep Trump Rate Walk aimed at Chinese products took the additional Washington rate on many products at 145pc.
Trump’s 90th day high in new tasks for dozens of countries has entered his place, showed an order of the White House.
But it has also doubled by increasing new tariffs on Chinese imports to 125 %, a figure that accumulates on an additional duty of 20 percent of the beginning of the year on the alleged role of China in the fentanyl supply chain.
This carries the total rates that Trump has imposed on Chinese products this year to 145 percent, stacking the existing taxes of the previous administrations.
But the last 125pc figure in China, aimed at addressing the practices that Washington has considered unfair, contains notable exclusions.
It excludes products such as steel and aluminum imports, as well as cars, in which Trump slapped 25PC tariffs separated under separate regimes.
The number also does not apply to goods such as copper, pharmaceutical products, semiconductors, wood and energy products, some of which Trump has also indicated plans to aim separately.
All this paints a more complicated image of tariff levels, even when tensions rise between Washington and Beijing.
‘A little dizzy’
The markets have been on a roller mountain walk since Trump announced their tariff plans last week, with the 10PC global tax in force on Saturday and the highest on Wednesday before the pause.
Investors also began to get rid of the United States government bonds, a large economic red light since American sovereign debt is usually seen as a refuge for investors in difficult times.
Trump denied having retreated in the tariffs, saying that it is still flexible. “I saw last night where people were a little dizzy,” he said.
The NASDAQ index with Wall Street technology ended more than 12PC higher on Wednesday, while the S&P 500 with broad base jumped 9.5pc.
“What a day, but more great days!” Trump wrote in his real social network.
Asia and Europe did the same today with Tokyo closing 9.1pc higher when the Japanese government welcomed the pause of the rate, but demanded that other taxes be stopped.
Paris and Frankfurt increased more than 5 percent in the afternoon offers, while London rose 4.5pc.
“This will happen to American history as the greatest commercial negotiation day we have had,” said Trump’s senior commercial advisor, Peter Navarro.
“We are in a beautiful position for the next 90 days” to search for trade agreements with partners, he said ABC Newsadding that more than 75 have tried to negotiate with Washington.
