Trump Suspends Export Tariffs on Kenya and Over 70 Countries for 90 Days
- The US President, Donald Trump, suspended the tariffs levied on Kenya and more than 70 additional nations following a significant decline in global markets.
- Nevertheless, the Republican leader increased China's tariffs to 125%, asserting that Beijing had shown disdain towards other countries.
- Trump's move to pause tariffs came days after American billionaire Elon Musk urged him to soften his stance on his new trade policy
Japhet Ruto serves as a journalist for DIWIDA.NEWS |.co.ke, boasting more than eight years of expertise in reporting on finance, business, and technology. He provides comprehensive insights into global and Kenyan economic patterns.
The US President, Donald Trump, has temporarily lifted export taxes on Kenya and more than 70 additional nations for a period of 90 days.
Why Trump suspended tariffs on over 70 countries
On Wednesday, April 9, the Republican leader posted a statement on his social media platform, Truth Social, announcing he had increased tariffs on China to 125% due to what he described as the country’s ‘disrespect’.
"I am hereby increasing the tariff that the United States of America imposes on China to 125%, with immediate effect, in light of China's disrespect for global markets. China will eventually see that its practice of ripping off the United States and other nations is no longer viable or acceptable, probably in the not-too-distant future," he stated.
The contentious leader, whose fresh trade strategy had caused turbulence in the financial markets, stated that his choice followed discussions where over 75 nations engaged with U.S. delegates to overturn the duties.
"Conversely, I've approved a 90-day freeze along with a considerably lower reciprocal tariff set at 10%. This measure takes effect right away due to more than 75 nations—including departments such as Commerce, Treasury, and USTR—urging US representatives to engage in negotiations for resolving disputes related to trade practices, trade barriers, tariffs, currency manipulation, and additional nontariff measures. None of these countries has responded to the United States through retaliation, following my firm advice," he elaborated.
How Elon Musk appealed to Trump
Trump's move to pause tariffs came days after American billionaire Elon Musk urged him to soften his stance on his new trade policy.
A sequence of tweets on X saw the CEO of Tesla criticizing the president's stringent tariff proposal.
Musk took issue with prominent White House advisor Peter Navarro for suggesting that the 47th U.S. President should impose tariffs.
In an interview with Italian Deputy Prime Minister Matteo Salvini, he supported the idea of establishing a "free trade area" between the United States and Europe.
How Kenya and the World Responded to Trump's Tariffs
As earlier reported by DIWIDA.NEWS |.co.ke, A representative from the French government stated on Thursday, April 3, that the European Union was prepared for a trade conflict with the United States and intended to target online services as part of their retaliation against Trump's tariffs.
Across Asia, concerns were raised by employees, filmmakers, industry groups, and financial experts who warned that President Trump’s stringent tariffs might adversely affect crucial industries and result in widespread layoffs.
The Kenyan Trade Cabinet Secretary, Lee Kinyanjui, pointed out that imposing a 10% tariff would lead to increased expenses for Kenyan businesses. However, he stressed that these costs were still less than what the nation’s rivals had to contend with.
