US President Donald Trump has announced a 90-day suspension of retaliatory tariffs imposed on goods from Bangladesh and several other nations while maintaining a minimum 10% duty during the period.
However, Chinese imports have been hit with a significantly steeper tariff of 125%.
The announcement came on Wednesday (9 April) via Trump's own social media platform, Truth Social.
“Based on China’s flagrant disregard for global markets, I am immediately raising tariffs on Chinese imports to 125%,” he wrote.
Trump added that over 75 countries had reached out to various US agencies—including the Department of Commerce, the Treasury, and the US Trade Representative (USTR)—seeking negotiations over trade barriers, tariffs, currency manipulation, and non-tariff obstructions.
“In light of these discussions, I have approved a 90-day suspension of retaliatory tariffs for all countries except China,” the President stated. “During this time, the retaliatory tariff will be lowered to 10%, effective immediately.”
US Treasury Secretary Scott Bessent spoke to reporters outside the White House following the announcement. “Nations that refrained from imposing retaliatory tariffs will be rewarded. The 10% tariff will also apply to Mexico and Canada,” he said. “This isn’t a trade war—but China provoked it. The suspension gives us time for talks, and we expect more countries to engage.”
Bangladesh welcomes move
Chief Adviser Professor Muhammad Yunus expressed gratitude to President Trump for the temporary suspension.
In a verified post on X (formerly Twitter) shortly after midnight on Wednesday, Yunus thanked Trump for positively responding to Bangladesh’s request.
“Thank you, President, for responding to our request to suspend the 90-day tariffs,” he wrote, tagging the President’s official account. “We will continue working with your administration in support of your trade agenda.”
Earlier this week, Yunus had written directly to Trump requesting a suspension of the 37% retaliatory tariff on Bangladeshi exports.
He also urged the US to lower tariffs on its key exports to Bangladesh—such as gas turbines, semiconductors, and medical equipment—by 50%, and to grant duty concessions on American goods entering Bangladeshi markets.
China singled out
Despite easing tariffs for most nations, Trump has dramatically escalated the trade row with China.
On Tuesday night, he had already raised the tariff on Chinese imports to 104%.
In response, China announced an 84% tariff on American goods, up from a previous 34%, effective Thursday.
Trump reacted by increasing the tariff further to 125%, excluding China from the 90-day suspension altogether.
“When you hit America, President Trump hits back harder,” said White House spokesperson Caroline Leavitt at a press briefing.
Global markets in turmoil
The escalating trade tensions have sent shockwaves through global markets.
Reuters reported a sharp selloff across Asian stock exchanges following the news of the US-China tariff escalation.
European markets soon followed suit, with the pan-European STOXX 600 index dropping by 3.4%.
Sectors most affected included healthcare, mining, and oil & gas, which saw respective declines of 5.3%, 3.3%, and 4.6%.
Brent crude prices fell to $60 per barrel—the lowest since February 2021—while the US dollar also weakened, prompting analysts to warn of deepening recession fears.
The world now watches with bated breath as economic diplomacy hangs in the balance, and the tariff tug-of-war threatens to spiral into a full-scale trade war.
