US suspends reciprocal tariffs with more than 75 countries for 90 days

US President Donald Trump appears in front of the White House after announcing the tax deferral. Photo: Reuters

US President Donald Trump said on April 9 that he would suspend plans to impose reciprocal tariffs for 90 days on all trading partners that do not retaliate against the United States.

In a post on the Truth Social social network on the same afternoon local time, President Trump wrote: "Based on the fact that more than 75 countries have contacted representatives of the United States, including the Departments of Commerce, Treasury, and the United States Trade Representative (USTR), to negotiate solutions to issues related to trade, trade barriers, tariffs, currency manipulation, and non-currency tariffs, and these countries have not retaliated in any way against the United States, I have authorized a 90-day pause and significantly reduced reciprocal tariffs to 10% during this period, effective immediately."

However, Mr Trump said tariffs on China would now rise to a total of 125% effective immediately, after Beijing responded to Washington's new round of tariffs.

Stock market reacts positively to news of temporary postponement of counterpart tax

Immediately after President Donald Trump announced the suspension of reciprocal tariffs on many countries that "do not retaliate" against the United States, major Wall Street indexes rose sharply on April 9.

Since President Trump announced the reciprocal tariffs on April 2, stock markets have fallen more than 12%, with the four-day decline the most in the past five years. Although the announcement of the tariff suspension still leaves uncertainty about the final policy, it has helped the market recover somewhat when in the early afternoon of April 9 (US time), the S&P 500 index quickly increased by more than 8%, the Dow Jones index increased by 7.27% and the Nasdaq Composite index increased by 10.77%.

All 11 major S&P 500 indexes rose, with the technology sector up 11.85%. Big tech stocks had the strongest rebound, with Nvidia up 15% while Apple rose more than 9%. The "Magnificent Seven" tech stocks (the financial industry's nickname for the top 7 US technology companies) added more than $1 trillion in market value after the announcement of the tax deferral.

According to baochinhphu.vn

Source: https://baodongnai.com.vn/tin-moi/202504/hoa-ky-tam-dung-thue-doi-ung-voi-hon-75-quoc-gia-trong-90-ngay-1535a16/