President Donald Trump has increased U.S. tariffs on Chinese goods to 125%, while suspending tariffs on other countries for 90 days. This decision comes just hours after China announced an increase in its retaliatory tariffs on U.S. goods from 34% to 84%, following a previous U.S. tariff hike, which went into effect after midnight on Wednesday, bringing the total U.S. tariffs on Chinese goods to 104%.
Trump confirmed that for other countries, reciprocal tariffs will be paused for 90 days, during which a lower 10% tariff will be applied.
In a statement on social media, U.S. Secretary of Commerce, Howard Lutnick, stated that the world, excluding China, is ready to work with Trump to resolve global trade issues.
A week ago, Trump also announced a 10% base tariff on imports from all countries, including Kosovo and other Western Balkans countries, and higher tariffs on numerous countries with a trade surplus with the U.S., escalating concerns about a potential trade war and rising inflation.
The tariff on goods imported from Kosovo has been set at 10%, while tariffs on goods from Albania, Serbia, Bosnia and Herzegovina, and North Macedonia have been set at 10%, 37%, 35%, and 33%, respectively.
