President Trump limits tariffs on most nations for 90 days, raises taxes on Chinese imports

By JOSH BOAK
Associated Press

WASHINGTON (AP)- President Donald Trump on Wednesday abruptly backed off his tariffs on most nations for 90 days, but raised his tax rate on Chinese imports to 125%.

It was seemingly an attempt to narrow what had been an unprecedented trade war between the U.S. and most of the world to one between the U.S. and China.

Global markets surged on the development, but the precise details of Trump’s plans to ease tariffs on non-China trade partners were not immediately clear.

There still appear to be 25% tariffs on autos, steel and aluminum, with more imports set to be tariffed in the weeks ahead.