Trump tariffs updates: President decided to pull reciprocal tariffs 'this morning'
Last updated: Thursday, April 10, 2025 2:00AM GMT
In a dramatic move Wednesday, President Donald Trump says he has authorized a 90-day pause in the higher tariffs for most countries he announced last week - while maintaining a 10% baseline tariff across the board.
In a dramatic move Wednesday, President Donald Trump says he has authorized a 90-day pause in the higher tariffs for most countries he announced last week - while maintaining a 10% baseline tariff across the board.
Treasury Secretary Scott Bessent told reporters, "It took great courage, great courage for him to stay the course until this moment," reiterating what he mentioned a week ago, "do not retaliate, and you will be rewarded."
The pause would not apply to China - on which Trump said he was raising the U.S. tariff to 125% because, unlike other countries, Bessent said, it was unwilling to make a deal.
Trump announces 90-day 10% reciprocal tariff rate and increased 125% tariff rate on China
President Donald Trump has announced that countries subject to reciprocal tariffs will have a lowered 10% rate for 90 days, according to a new social media post.
This does not apply to China, which Trump says is now subject to a 125% tariff rate following their retaliatory tariff announced earlier Wednesday.
President Donald Trump speaks during an event on energy production in the East Room of the White House, Tuesday, April 8, 2025, in Washington.
"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," Trump wrote.
ByFritz Farrow
Apr 09, 2025, 5:21 PM GMT
Illinois Republican expresses concerns about tariff impact for farmers
Rep. Darin LaHood, an Illinois Republican, expressed concerns about the impact of President Donald Trump's tariffs on farmers and the agriculture industry.
"As I talk to my farmers, there's a lot of anxiety, a lot of stress, a lot of uncertainty because when we get into a trade war, usually the first pawn in the trade war is agriculture," LaHood told U.S. Trade Representative Jamieson Greer. "And as we look at the timeline and chronology moving forward, Ambassador Greer, what would you tell my farmers in terms of that uncertainty and anxiety that they're feeling right now?"
Rep. Darin LaHood, R-Ill., questions witnesses during a hearing of a special House committee dedicated to countering China, on Capitol Hill, Tuesday, Feb. 28, 2023, in Washington.
Greer did not answer directly, instead saying not all countries have said they will retaliate against the U.S.
Apr 09, 2025, 5:01 PM GMT
Trade representative says he's met with counterparts from EU, South Korea, Ecuador and Mexico
Some Republican members of the House Ways and Means Committee pressed U.S. Trade Representative Jamieson Greer on what is the administration's game plan with its sweeping tariffs that went into effect.
"Now there's this discussion about be doing some trade deals. What does that mean? What is that process?" Florida Rep. Vern Buchanan asked Greer.
Greer responded that Trump is open to negotiating with countries that want "reciprocal" trade and to reduce deficits. Buchanan followed up by pressing for more details on the process going forward, which Greer didn't directly answer but said some long-term negotiations with other countries "might require, you know, congressional action."
Greer added that he had meetings on Tuesday with his counterparts from the European Union, South Korea, Ecuador, and Mexico.
-ABC News' Fritz Farrow
Apr 09, 2025, 3:49 PM GMT
Trade war brings uncertainty for Delta, the most profitable airline in the US
Delta Air Lines, which believed as recently as January that it was on track for its best financial year in company history, said Wednesday that disruptions in global trade have created such enormous uncertainty that it scratched its performance expectations for 2025.
A Delta Airlines plane is serviced at Sarasota-Bradenton International airport in Sarasota, Fla., Wednesday, April 2, 2025.
It is a remarkable walk-back for the nation's most profitable airline, and other companies are following suit. Hours after Delta removed its guidance for the year, Walmart dropped the first-quarter operating profit guidance it had provided to investors, citing tariff risks.
Delta is cutting its flight schedule in anticipation of a slowdown in spending as businesses and households brace for higher prices.
Apr 09, 2025, 3:59 PM GMT
US trade representative says there will be an 'investigation' into extent of pharmaceutical tariffs
President Donald Trump told Republican lawmakers on Tuesday night that pharmaceuticals imports will soon be hit with "major" tariffs. U.S. Trade Representative Jamieson Greer was asked on Wednesday by Rep. Lloyd Doggett, D-Texas, if that was true.
"He said he will impose them, now the extent of that is subject to investigation," Greer said.
U.S. Trade Representative Jamieson Greer testifies during a House Committee on Ways and Means hearing on Capitol Hill, Wednesday, April 9, 2025, in Washington.
