9/4/2025–|Last update: 9/4/202509:07 PM (Mecca time)
US President Donald Trump said on Wednesday that it allowed a temporary stop of a period of 90 days as part of his customs duties plan, but he also raised the percentage of customs duties on China to 125% that applies immediately, after it was 104%.
Trump added that “he authorized a 90 -day comment, and a significant reduction in mutual tariffs during this period, by 10 %, provided that the decision comes into effect immediately.”
In the context, US Treasury Secretary Scott Besent said today, Wednesday, that he believes the Trump administration can reach customs duties agreements with US allies.
This comes at a time when Besent is preparing to lead negotiations with more than 70 countries in the coming weeks, warning that moves for close closer with China may have counterproductive.
Besent said at a conference of the American Bankers Association in Washington that he would play a major negotiating role in negotiations on customs duties announced by Trump.
https://www.youtube.com/watch?v=82jv7MOMDE0
He added that despite the turmoil in the financial markets, “the companies that in general and the expatriates said, and I mean the executives, who came to the Treasury, said that the economy is very strong.”
The counter -tariffs imposed by Trump, which he says aimed at eliminating the trade deficit of the United States with many countries, caused at the heart of the global trade system upside down, which raised fears of recession and led to the loss of major trillion dollars in their market value.
Global markets witnessed a further decline today with the validity of the exorbitant customs duties imposed by Trump on Chinese goods by 104%, while a sharp sale in American bonds raised fears of foreign financing escaping from American assets.
Besent said there is great interest in negotiating with the United States to reduce customs duties, noting that Trump has already spoke with Japanese leaders and South Korea, and that US officials will meet a delegation from Vietnam today.
“I think … we may eventually be able to reach an agreement with our allies, and with other countries that were … from good military allies but it is not one of the ideal economic allies. Hence, we can deal with China as if it is a group.”
He added that the comprehensive anti -tariffs announced by Trump last week represented a ceiling for customs fees if the states did not want, but China did not respond to this advice.
He continued, “With regard to escalation, unfortunately, the largest perpetrators in the global trade system is China, and it is the only country to escalate.”
