Trump raises tariff charge on China to 120% but drops reciprocal tariffs on others

Here we go.

Based on the lack of respect that China has shown to the World’s
Markets, I am hereby raising the Tariff charged to China by the United
States of America to 125%, effective immediately. At some point,
hopefully in the near future, China will realize that the days of
ripping off the U.S.A., and other Countries, is no longer sustainable or
acceptable. Conversely, and based on the fact that more than 75
Countries have called Representatives of the United States, including
the Departments of Commerce, Treasury, and the USTR, to negotiate a
solution to the subjects being discussed relative to Trade, Trade
Barriers, Tariffs, Currency Manipulation, and Non Monetary Tariffs, and
that these Countries have not, at my strong suggestion, retaliated in
any way, shape, or form against the United States, I have authorized a
90 day PAUSE, and a substantially lowered Reciprocal Tariff during this
period, of 10%, also effective immediately. Thank you for your attention
to this matter!

There are huge bids in stock markets.

It’s not clear exactly who is covered under this because Europe has hit back with some tariffs.

This article was written by Adam Button at www.forexlive.com.