The international stock exchanges, first of all the Italian ones, are taking a breath today after the US president, Donald Trump, announced a 90-day break on the application of "reciprocal duties". All except those for products from China: for Beijing, in fact, the duties will be increased to 125%. In other words, the new duties imposed uniformly over most of the world last week remain in force. But those that came into force yesterday morning, Wednesday 9 April, exactly proportional to the size of the bilateral deficit of the United States in relation to bilateral trade, country by country, have been revoked.

The Stock Exchanges, we said, are reeling after days of constant losses: the Ftse Mib of Piazza Affari is up by 6.1%, the Ftse Italia all share is sailing to +5.7%. The other European markets are also well: the German Dax is up 5%, the Paris Cac40 gains 4.8%, the Swiss Smi is at +4.4%, London +4.2%. In line with the European euphoria, the Tokyo stock exchange is also celebrating in its own way: the Nikkei, in fact, closed up by 9.2% (second highest daily increase ever) on the wave of news released yesterday about the US suspension of duties. Optimism also in the United States with the Dow Jones that yesterday closed up 8% and I Nasdaq that flew to +12.2%. marking her best day in 24 years. The only one she doesn’t celebrate, and how could she be otherwise?, is China: in Shanghai, in fact, the index gains a modest 1.1%. 

On the other hand, Trump’s reprimand yesterday against Beijing was very harsh. " Based on the lack of respect that China has shown towards world markets -wrote the US president on his social Truth- with this increase the tariff applied to China by the United States of America to 125%, with immediate effect. I hope that, in the not too distant future, China will realize that the times when it took advantage of the United States and other countries are no longer sustainable or acceptable".

"Unlike China -added Trump-, considering that more than 75 countries have contacted US representatives, including the Department of Commerce, the Treasury and the Office of the Representative for Trade (Ustr), to negotiate a solution regarding the issues discussed concerning trade, trade barriers, tariffs, currency manipulation and non-monetary tariffs, and that these countries, on my strong recommendation, have not reacted in any way against the United States, I have authorized a 90-day break and a substantially reduced reciprocal tariff of 10%, also with immediate effect". 

According to commentators, especially the more critical ones, even in the light of the new decision, US trade policy appears increasingly chaotic and confused. Not even the attempt at "rationalization" implemented yesterday by Treasury Secretary Scott Bessent is enough. "All this, says the minister, is dictated by the president’s strategy. We discussed it at length on Sunday. We want to cooperate with our allies and our trading partners who have not taken retaliatory measures. What China does will have an impact on its economy much more than on ours, because its economic model is based on exports", argued Bessent who, in an interview with Fox News assured that the US wants above all "put an end to these mercantilist policies" of Beijing.i.

This pause, however, economists say, although temporary and incomplete, brings immense relief: the main managers and investors of Wall Street had raised alarm since "liberation day". Astonished by the level of "reciprocal" tariffs unveiled in the White House’s Rose Garden, they feared that the economy would slip rapidly into recession.