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Amid a global market meltdown, US President Donald Trump announced on April 9, 2025, a further tariff hike on imports from China to 125 per cent. He also ordered a 90-day pause on punitive levies aimed at most other nations. Markets surged on the news, with the benchmark S&P 500 index rising almost 10 per cent. Speaking to reporters after the announcement, Trump said that in the run-up to his “reciprocal” tariffs, some 75 countries had been entreating him to make deals, and he predicted that China would soon follow suit.
