At the same time, Trump said he was raising tariff rates on Chinese imports to 125 percent, according to CNN.
"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 percent, effective immediately," Trump said in a social media post.
Stocks soared on the news, even as a 10-percent universal tariff on all imports into the United States remained in place, CNN reported.
'Let’s make the best of the next 90 days': Polish PM
Polish Prime Minister Donald Tusk wrote on X: "Maintaining close transatlantic relations is a common responsibility of Europeans and Americans, regardless of temporary turbulence. So let's make the best of the next 90 days."
Last week, Trump said his administration would impose tariffs of at least 10 percent on most goods entering the country, with imports from the European Union facing a 20-percent tariff.
US President Donald Trump signs an executive order implementing new tariffs against America's trading partners in the Rose Garden of the White House in Washington on Tuesday, April 2, 2025. Photo: EPA/JIM LO SCALZO
The universal 10-percent rate announced by Trump took effect on Saturday.
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Source: CNN, IAR, PAP, Reuters