President Trump on Wednesday announced a 90-day pause and lowered reciprocal taxes on U.S. trading partners that have not retaliated against the country, but increased China’s tariff level to 125 percent.
China announced new 50 percent tariffs on U.S. exports after Trump’s sweeping reciprocal tariffs on U.S. trading partners took effect overnight. The European Union also hit back with levies on the U.S.
This all comes as a trade war spurred by Trump’s aggressive tariff agenda has shown no signs of slowing down as markets reel from a rough couple of days.
On Capitol Hill, Trump’s top trade adviser, Jamieson Greer, testified before the House Ways and Means Committee after both sides of the aisle in the upper chamber pressed him over the administration’s tariff agenda Tuesday.
House Speaker Mike Johnson (R-La.) is also charging forward in an effort to bring the Senate-crafted budget resolution, which the House rules committee voted to advance midday Wednesday, to the floor.
But this may be easier said than done, as some in the GOP conference are digging their heels in over concerns about the level of spending cuts. The vote is slated to take place in the 5 p.m. hour.
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