Trump tariffs live updates: US-China trade war reality sets in amid wider 'reciprocal' pause

Key Points

  • US stocks sank due to the US-China trade war, despite a 90-day pause on tariffs by President Trump and the EU.
  • The White House clarified that US tariffs on Chinese imports are now at least 145%, higher than previously stated.
  • USMCA compliant goods are imported tariff-free among the US, Mexico, and Canada, while non-compliant goods face tariffs.
  • Wall Street executives influenced Trump's decision to pause tariffs, preventing a potential economic downturn.
  • The EU has also paused its retaliatory tariffs for 90 days, matching Trump's pause.

Summary

US stocks experienced a decline as the ongoing trade war between the US and China continued to impact investor sentiment. Despite President Trump's decision to institute a 90-day pause on steep tariffs and the European Union's matching pause on retaliatory duties, the market remained unsettled. The White House clarified that tariffs on Chinese imports are now at least 145%, higher than the previously announced 125%. Under the United States–Mexico–Canada Agreement (USMCA), compliant goods are imported tariff-free among the three countries, while non-compliant goods face a 25% tariff, with exceptions for energy and potash at 10%. Wall Street executives, including Bill Ackman and Jamie Dimon, played a significant role in influencing Trump's tariff pause, preventing what could have been a severe economic downturn. The EU's decision to delay its retaliatory tariffs for 90 days reflects a cautious approach to trade negotiations, aiming to stabilize global economic conditions amidst the ongoing trade tensions.

yahoo
April 10, 2025
Stocks
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