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Trump Explains Tariff U-Turn, Says 'People Were Getting Yippy'

Trump also defended his decision to increase the tariffs imposed on China from 104 to 125 percent, calling China the "biggest abuser in history".

US President Donald Trump on Wednesday defended his decision to pause tariffs on most countries for 90 days, explaining the reason behind his decision, which came as he mounted pressure on China with a 125 percent levy. Trump attributed the reversal to market reactions and said that people were getting "a little yippy" and "afraid".

Speaking to reporters outside the White House, Trump said: "Well, I thought that people were jumping a little bit out of line. They were getting yippy, you know, they were getting a little bit yippy, a little bit afraid, unlike these champions, because we have a big job to do.

No other president would have done what I did. No other president. And it had to be done.” He later said that "you have to have flexibility" in policies.

Trump said that while he reversed tariffs on most nations, he increased the tariffs imposed on China to 125 percent, calling China the "biggest abuser in history".

ALSO READ: Trump's Tariff Update: 90-Day Pause Announced By US President For Most Countries, China Tariff Hike to 125%

Defending his decision to impose retaliatory tariffs, the US President said: "Somebody had to do it...They had to stop because it was not sustainable. I am honoured to have done it."

He further said that China wants to make a deal, but does not know "how to go about it". "They're proud people, President Xi is a proud man," he said. Trump also revealed that there were over 75 other countries who wanted to make a deal.  

Trump had said he would increase the tariff on Chinese imports to 125 percent from the 104 percent level that took effect at midnight. This further escalated a high-stakes confrontation between the world's two largest economies.

"I did a 90-day pause for the people who didn't retaliate because I told them if they retaliate, we're going to double it. And that's what I did with China because they did retaliate. So we'll see how it all works out. I think it's going to work out amazing. I think that our country is going to be at the end of a year or shorter, but I think we're going to have something that nobody would have dreamt possible. I am very happy that I have done it," Trump said, further explaining the reason behind the 90-day pause on tariffs.

The pause on tariffs comes days after the White House dismissed speculation about a 90-day break. Trump administration had maintained that tariffs will not be negotiated. However, the US president announced a reversal on Wednesday, sending global stocks rocketing.

ALSO READ: India Ends Transshipment Facility For Bangladesh, Cites Logistical Challenges And Congestion

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