Asian stock markets continued their rise and recovered after US President Donald Trump announced on Wednesday a 90-day suspension of 'reciprocal tariffs' on dozens of countries, except China, where the tycoon has increased the rate with immediate effect from 104% to 125%.
Taiwan gained 9.2% at the open, Tokyo 3.8%, Hong Kong 2.69%. The Tokyo stock market extended gains before the midday break, rising more than 8% to 34,375, more than 2,600 points. The Trump administration's 90-day pause in reciprocal tariffs triggered a buyback plan after the benchmark Nikkei index fell to an 18-year low earlier this week. In the US, Wall Street made historic gains on Wednesday after days of economic turmoil, writes A2 CNN.
Meanwhile, China's 84 percent retaliatory tariffs on the United States took effect today amid an escalation of a bilateral trade war.
China has imposed retaliatory tariffs of 84% on all US imports, deepening the trade war between Beijing and Washington.
Chinese Foreign Ministry spokeswoman Mao Ning took to social media to say that her government "is not afraid of provocations."
She posted a video of former Chinese Communist Party leader Mao Zedong during the Korean War telling the United States that "no matter how long this war lasts, we will never surrender." She captioned the video, "We are Chinese, we will not retreat."
This comes after Trump had previously imposed a 104% tariff on Chinese goods, but later increased this to 125%, citing a "lack of respect" from China.
However, Trump has blocked higher tariffs on other countries, imposing a 10% tariff.
(A2 Televizion)
A2 CNN Livestream
MUND TE LEXONI GJITHASHTU
