Chinese foreign ministry holds its daily news conference. Seeking comments as China's "reciprocal" duties on U.S. tariffs is expected to come into effect. In a major development, US President Donald Trump announced on April 9 a 90-day 'pause' on reciprocal tariffs for all but China. Trump's sudden announcement pulled the world back just in time from the brink of an all-out, full-on trade war, and financial markets from the edge of a deepening abyss.
His sudden backtracking came less than 24 hours after sharp new tariffs kicked in on imports from multiple trade partners.
Trump said he was "authorising a 90-day pause as part of his tariff plan, but was also raising the tariff rate for China to 125%", effective immediately.
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