The Asian stock markets on Thursday broke out after US President Donald Trump announced a 90 -day ban on tariffs for 75 countries including India. This decision amid growing trade stress brought some relief to global investors.
Japan’s Nikkei 225 index rose more than 8.34 percent, while Taiwan’s weighted index rose more than 9 percent at the time of reporting, South Korea’s Korean Kospi index also increased rapidly and climbed more than 5 percent.
Hong Kong’s Hangseng index rose about 4 percent. However, the Indian stock market remained closed on Thursday due to the public holiday of Shri Mahavir Jayanti.
Despite some countries getting temporary relief, the trade war between the US and China is continuously increasing. On Wednesday (local time), President Trump announced to increase the tariff on Chinese goods to 125 percent. This step has been taken by China in response to China to increase the tariff on American goods from 34 percent to 84 percent from April 10.
Also, Trump said he would reduce tariffs for 75 countries involved in business talks with the US, offering a 90 -day brake and low mutual tariff structure. India is one of these countries.
Trump said on social media platform Truth Social, “Based on the disrespect that China has shown to the world markets, I am increasing the tariffs imposed by the US on China with immediate effect. Hopefully, in the near future, China will realize that the days of looting the US and other countries are no longer durable or acceptable.”
He said, “On the contrary, and on the basis of the fact that more than 75 countries have called the representatives of the United States including Commerce, Finance and USTR to talk to the resolution of business, trade barriers, fees, currency manipulation and non-modal charges related to the subjects being discussed, and these countries have not done any kind of shape or form against the United States, on my firm suggestions, on my firm suggestions, I have not done any kind of shape or form, I have not done any kind of shape or form, on my firm suggestions, on my firm suggestions, on my firm suggestions, on my firm suggestions, my firm suggestions, my firm suggestions, And during this period, an adequate reduction in mutual fee is authorized, which will be applicable with immediate effect.