Trump announces 90-day pause on tariffs for fear of new financial crisis

U.S. President Donald Trump has announced a 90-day pause on tariffs for fear of new financial crisis.TASS reports citing The New York Times (NYT).

"Mr. Trump’s decision was driven by fear that his tariffs gamble could quickly turn into a financial crisis. And unlike the two previous crashes of 2008 and 2020 years this crisis would have been directly attributable to only current President of the USA."

According to sources, the White House fears a further collapse of global stock and commodity markets, as well as panic among financiers, which could get out of control, thus causing serious damage to the economy.

It is noted that the decision to suspend duties Trump was inclined by the head of the U.S. Treasury Department Scott Bessent. Anxiety of the American Minister of Finance is associated with various market shocks. Bessent reported his concerns directly to the President of the United States at a meeting held before the announcement of the decision.

On April 2, Trump announced the tariffs imposition on products from more than 180 countries and territories. Universal tariffs of 10% came into force on April 5, individual tariffs - on April 9. In particular, for the EU countries this rate was raised to 20%, for China - up to 34%. In addition, the U.S. administration imposed 25% tariffs on all imported cars. Later, on April 9, Trump said that for 90 days he pressed pause on tariffs increase against 75 countries that showed willingness to negotiate. At the same time, the American leader raised tariffs on products from China to 125%.