American President Donald Trump said on social media platform Truth Social that he is imposing 125 percent tariffs on China. Donald Trump has also given great relief to most countries. Trump said that he is taking back the tariffs on most countries for 90 days. Trump has taken this decision amid a steep decline in stock markets. After this decision of Trump, the US market is seeing a big boom.
What Donald Trump said
Donald Trump wrote in his post, ‘Based on the disrespect that China has shown towards the world markets, I am increasing the tariffs imposed on China by the United States to 125% with immediate effect. It is expected that in the near future, China will feel that the days of robbing the US and other countries are no longer sustainable and accepted. In contrast, on the basis of the fact that more than 75 countries have called the Representatives of the United States, including the Department of Commerce, Treasury and USTR to interact on subjects related to trade, trade obstacles, charges, manipulations and non-modern charges, and these countries have not any counter-action against the United States, I have decided to make any retaliation against the United States. Also, during this period a very less recipe of 10% has been authorized, which will be applicable with immediate effect. Thank you for paying attention to this matter! ‘
Tremendous boom in US market
After this post by Trump, the US market has seen tremendous boom. The major index Dow Jones appeared 6.98 per cent to trade at 40,271. The S&P 500 index rose by 7.90 per cent to trading at 5373. Nasdaq was seen trading at 9.88 per cent to 16,820.
