US President Donald Trump has declared that he is not considering a pause on new tariffs, stating he wants to allow time for negotiations with other countries. Speaking inside the Oval Office, Trump promptly refuted earlier reports of a potential break, calling them “fake news.”
“We’re not looking at that,” Trump stated directly when asked about a pause on tariffs. He reiterated his threat of imposing additional 50% tariffs on Chinese goods if Beijing does not retract its retaliatory measures by midday Tuesday.
The White House later confirmed that the total extra tariffs on China this year could rise to 104%, contingent on the product. The global stock markets have been volatile, with significant declines reported across Europe and Asia. In the US, the Dow Jones experienced its third consecutive day of losses, and the S&P 500 fell by 0.23%.
The tech-heavy Nasdaq, however, managed to close in positive territory. Trump’s continuance with tariffs against China has sparked varied responses. A spokesman for China’s US embassy criticized Trump’s tactics, calling them “unilateralism, protectionism, and economic bullying.” The spokesman added that China would “firmly safeguard its legitimate rights and interests.”
Amid the turmoil, some major technology stocks have wobbled.
Trump declines tariff pause option
Companies such as Nvidia, Alphabet, Amazon, Apple, Microsoft, Meta, and Tesla have seen significant shifts in their stock prices. Apple has particularly high exposure to American tariffs on Chinese goods, given that most iPhones are assembled in China.
Despite the market turbulence, Trump has expressed optimism about trade negotiations, stating that many countries that have “taken advantage” of the US are now seeking to negotiate. “We’re not taking care of our enemies anymore but we do take care of our friends,” Trump asserted. The US markets closed mostly lower after a volatile session, with ongoing uncertainty over White House policies cited as a key concern for investors.
Howard Silverblatt, a senior index analyst at S&P Dow Jones Indices, noted significant market swings throughout the day. Stephen Miran, a White House economic adviser, encouraged nations hoping to avoid reciprocal US tariffs to propose lowering barriers to US exports. He suggested that US policies such as deregulation would help keep inflation under control amid global market volatility.
In conclusion, President Trump remains steadfast in his approach to tariffs, seeking to leverage them as a tool for negotiating more favorable trade deals for the US, despite causing significant ripples through global markets.
