Asian Markets Surge as Trump Pauses Tariffs; Indian Markets Closed for Mahavir Jayanti
New Delhi [India], April 10 (ANI): Asian stock markets experienced a significant upsurge on Thursday following an announcement from US President Donald Trump regarding a temporary suspension of tariffs for 75 nations, with India among them. This move provided some respite to international investors who have been grappling with escalating trade disputes.
The Nikkei 225 in Japan surged by more than 8.34 percent, whereas Taiwan’s weighted index increased by over 9 percent when this report was published. Additionally, South Korea’s KOSPI index experienced a significant boost, advancing by approximately 5 percent.
The Hang Seng Index in Hong Kong rose by approximately 4 percent. Nonetheless, India’s stock markets stayed shut on Thursday because of the public holiday known as Shri Mahavir Jayanti.
Even though certain nations experienced brief respite, tensions in the trade dispute between the United States and China kept intensifying. On Wednesday (in local time zones), President Trump declared an instant increase in duties on Chinese products to 125 percent. This action was prompted by China’s decision to boost its levies on American goods from 34 percent to 84 percent, effective as of April 10th.
Trump stated that he would decrease tariffs for the 75 nations presently involved in trade discussions with the U.S., providing them a 90-day period of relief along with reduced reciprocal tax rates. India falls into this category of countries.
"In light of China’s disregard for global market norms, I have decided to increase the tariffs imposed on Chinese goods imported into the United States to 125%, taking effect right away,” stated Trump on his preferred social media platform, Truth Social. “China must understand that exploiting both the U.S. and other nations can no longer continue indefinitely.”
"In contrast, since over 75 countries have reached out to representatives from the United States, such as those from the Department of Commerce, the Treasury Department, and the Office of the U.S. Trade Representative, with requests to discuss solutions regarding trade issues like barriers, tariffs, currency manipulation, and non-monetary tariffs—while refraining from taking any countermeasures against the US under my firm recommendation—I am authorizing a temporary suspension lasting 90 days. During this time, reciprocal tariffs will be significantly reduced to just 10% and take effect right away," he concluded. (ANI)