特朗普暂停对等关税90天，但对中国关税提高至125%
Trump Reverses Course on Global Tariffs, Announcing 90-Day Pause

President Trump on Wednesday dramatically reversed course on steep global tariffs that have roiled markets, upset members of his own party and raised fears of a recession, saying just hours after stiff levies went into effect on nearly 60 countries that he would pause them for 90 days.
特朗普总统在周三戏剧性地逆转了对全球征收高额关税的做法，这些关税扰乱了市场，令他所在的共和党成员不满，并引发了人们对经济衰退的担忧。在对近60个国家的高额关税仅生效数小时后，他便表示将暂停这些关税90天。

But the president did not back down on China and instead raised tariffs once again on all of its exports to the United States, bringing those import taxes to a whopping 125 percent. That decision came after Beijing had raised its levies on American goods to 84 percent in an escalating tit-for-tat between the world’s largest economies that showed no signs of cooling.
但美国总统并未对中国让步，反而再次提高了对中国所有出口至美国商品的关税，使进口税达到了惊人的125%。这一决定是在北京对美国商品的关税提高到84%之后作出的，中美这两个世界最大经济体之间的针锋相对不断升级，毫无降温迹象。

In a post on Truth Social, the president said that he had authorized “a 90 day PAUSE” in which countries would face “a substantially lowered Reciprocal Tariff” of 10 percent. As a result, almost every trading partner now faces a 10 percent blanket tariff, except for China, which faces a 125 percent tax.
特朗普在Truth Social上发帖称，他已授权“90天暂停期”，在此期间，各国将面临“显著降低的对等关税”，税率为10%。因此，几乎所有贸易伙伴现在都面对10%的统一关税，唯独中国将面临125%的税率。

The S&P 500 climbed about 7 percent in a matter of minutes after Mr. Trump’s post, sharply reversing days of losses. Wednesday was the best day for the S&P 500 since the recovery from the 2008 financial crisis. Nearly every stock in the index rose. Airlines, some tech companies and Tesla were among those companies to soar over 20 percent. Shares of automakers rose sharply even though 25 percent tariffs on imported cars remain in place. Ford and General Motors both rose more than 7 percent.
在特朗普发布这条消息后，标准普尔500指数几分钟内上涨约7%，大幅扭转了连跌数日的颓势。周三成为自2008年金融危机复苏以来，标普500表现最好的一天。指数中几乎所有股票都有所上涨。航空公司、一些科技公司和特斯拉的股票飙升逾20%。尽管进口汽车仍面临25%的关税，但汽车制造商的股价也大幅上涨。福特和通用汽车的股票涨幅均超过7%。

Asked why he decided to pause the tariffs just hours after imposing them, Mr. Trump seemed to acknowledge the market rout that had erased trillions of stock market wealth in recent days.
当被问及为何在实施关税仅数小时后就决定暂停时，特朗普似乎承认最近几天因市场动荡导致数万亿美元财富蒸发。

“Well, I thought that people were jumping a little bit out of line,” he said. “They were getting yippy. They were getting a little bit afraid.”
“嗯，我觉得人们有点过于激动了，”他说。“他们有点慌，有些害怕。”

Mr. Trump’s change in course came amid a sharp sell-off in U.S. government bond markets and the dollar, which are typically seen as the safest corner for investors during times of turmoil. Investors large and small had watched trillions in stock market value vanish in a matter of days, and economists increasingly sounded urgent alarms that the United States might be careening toward a recession of its own making.
特朗普的政策转变发生在美国国债市场和美元大幅抛售之际，在动荡时期，国债和美元通常被视为投资者最安全的避风港。大大小小的投资者都目睹了数万亿美元的股市市值在短短几天内蒸发，经济学家们越来越急切地发出警告：美国可能正在走向自己酿成的经济衰退。

Asked if the bond market fed into his decision, Mr. Trump said he watched as people were getting “queasy.”
当被问到债券市场是否影响了他的决定时，特朗普表示，他看到人们变得有点“晕”。

“I was watching the bond market; the bond market’s very tricky, but if you look at it now, it’s beautiful,” he said.
“我一直在关注债券市场；债券市场非常复杂，但你现在看看，它很美，”他说。

The president announced last week that he would raise tariffs to levels not seen for a century, a change he said would make global trade more fair even if it caused some “discomfort.” As markets gyrated, Mr. Trump and his advisers insisted that they were committed to keeping the tariffs on until other countries lowered their trade barriers and made other economic changes.
总统上周宣布他会把关税提高到一个世纪以来未曾见过的水平。他表示，这一改变将使全球贸易更加公平，即便会带来一些“不适”。随着市场剧烈波动，特朗普及其顾问坚称，他们将坚持维持这些关税，直到其他国家降低贸易壁垒并做出其他经济上的调整。

Dozens of foreign countries raced to assemble delegations to appeal to the Trump administration. In a congressional hearing Wednesday, Jamieson Greer, the U.S. trade representative, said he had meetings Tuesday with officials from Europe, South Korea, Ecuador and Mexico, in addition to conversations with countries like the United Kingdom in recent weeks.
数十个国家竞相组建代表团，寻求与特朗普政府磋商。在周三的一场国会听证会上，美国贸易代表贾米森·格里尔表示，除了最近几周与英国等国家的对话外，他在周二还与来自欧洲、韩国、厄瓜多尔和墨西哥的官员举行了会谈。

Vietnamese officials had offered to cut their tariffs on American apples, cherries and ethanol, and brought along a term sheet to a meeting spelling out changes they were willing to make, Mr. Greer said. He predicted the negotiations would lead to “open markets overseas,” creating a “virtuous cycle” for American manufacturing.
格里尔称，越南官员主动提出削减对美国苹果、樱桃和乙醇的关税，并在一次会议上带来了一份意向书，列出了他们愿意做出的改变。他预测谈判将带来“开放的海外市场”，为美国制造业创造一个“良性循环”。

Mr. Greer criticized the typical way to negotiate trade deals, describing them as “where you ask others nicely to give you market access and to do a dialogue with you for several years, and at the end you have no more market access.”
格里尔批评了典型的贸易协议谈判方式，称那就是“先礼貌地请求他国开放市场，接着花上数年与其对话，最终却依然得不到更多市场准入”。

“And then there’s the Trump way,” he added.
他还说：“还有一种是特朗普的方式。”

As the hearing was nearing its end, Mr. Trump sent out his post announcing the pause, which took the gathering by surprise and rippled through the chamber.
听证会接近尾声时，特朗普发文宣布暂停关税，这让与会者大吃一惊，整个会议厅都沸腾起来。

“This is amateur hour,” shouted Representative Steven Horsford, Democrat of Nevada. “It looks like your boss just pulled the rug out from under you.” He pressed Mr. Greer about whether the move amounted to market manipulation by the Trump administration.
“这简直是外行在办事！”内华达州的民主党众议员史蒂文·霍斯福德大声喊道，“看起来你的老板在拆你的台呢。”他质问格里尔，此举是否等同于特朗普政府在操纵市场。

Mr. Trump’s advisers quickly tried to spin his decision as a win and not a capitulation.
特朗普的顾问们迅速试图将他的这一决定包装成一次胜利，而非妥协。

Mr. Bessent said that the tariffs had worked to get some of China’s closest neighbors to seek deals with the United States. He denied that the decision to pause tariffs came as a result of the markets, saying that it was going to take “some time” to meet with foreign partners about trade deals and that “President Trump wants to be personally involved.”
贝森特表示，关税措施已促使中国的一些邻国寻求与美国达成协议。他否认暂停加征关税的决定是受到市场影响，称与外国伙伴就贸易协议进行会谈需要“一些时间”，而且“特朗普总统希望亲自参与”。

Howard Lutnick, the secretary of commerce, wrote on social media that he had sat beside the president while he wrote the Truth Social post announcing the pause.
商务部长霍华德·卢特尼克在社交媒体上写道，他当时就坐在总统身边，见证了他撰写宣布暂停关税的Truth Social帖子。

“The world is ready to work with President Trump to fix global trade, and China has chosen the opposite direction,” Mr. Lutnick said.
卢特尼克说：“全世界都准备好与特朗普总统合作解决全球贸易问题，而中国却选择了相反的方向。”

But many analysts expressed skepticism. Emily Kilcrease, a senior fellow and director at the Center for a New American Security, said that the pause could be interpreted “as a reaction to the rapid decline in the U.S. stock markets, and the increased calls from even members of Congress on the Republican side to put some order around the negotiations.” Ms. Kilcrease, a former deputy assistant U.S. trade representative, pointed out that Mr. Trump similarly suspended earlier tariffs on Mexico and Canada.
但许多分析人士对此表示怀疑。新美国安全中心高级研究员兼主任艾米莉·基尔克里斯表示，这次暂停关税可能会被解读为“对美国股市迅速下跌的反应，另外也因为越来越多的人——甚至包括国会共和党人——在呼吁让谈判有序进行”。曾任美国贸易代表副助理的基尔克里斯指出，特朗普此前也曾以类似方式暂停对墨西哥和加拿大的关税。

The administration had also received pushback in recent days from chief executives and business groups who stood to see their international supply chains crushed by the tariffs. Officials at the Federal Reserve have also been growing increasingly concerned about the prospects of the U.S. economy weakening at the same time that inflation rose further — the makings of a stagflationary shock.
最近几天，美国政府还遭到了企业高管和商业团体的反抗，他们的国际供应链有被关税击垮的可能性。美联储官员也越来越担心美国经济在通胀进一步上升的同时走弱的前景——这是一场滞胀冲击的前兆。

Minutes from the March meeting showed that almost all officials viewed “risks to inflation as tilted to the upside and risks to employment as tilted to the downside.” That combination would be a tricky one for the Fed to navigate as it seeks to balance its goals of fostering a healthy labor market while also returning inflation to its 2 percent target.
3月会议的纪要显示，几乎所有官员都认为“通胀风险偏向上行，而就业风险则偏向下行”。这种组合对美联储来说将是一个棘手的局面，因为它需要在促进健康就业市场的同时，将通胀率控制回2%的目标水平，要在两者之间实现平衡。

Some officials saw “difficult trade-offs if inflation proved to be more persistent while the outlook for growth and employment weakened,” the minutes said.
纪要写道，一些官员认为，“如果通胀持续存在，而增长和就业前景进一步恶化，将面临艰难的权衡。”

Diane Swonk, the chief economist at KPMG, voiced her frustration after the pause was announced. “This is nuts. Damage done,” she said.
毕马威首席经济学家黛安·斯旺克在关税暂停决定宣布后表达了她的不满。“这太疯狂了。损失已经造成，”她说道。

“Market relief is a head fake, unless the administration makes a major course correction,” she argued, adding that “uncertainty is its own tax on the economy.”
“市场松了一口气是假象，除非政府做出重大调整，”她说，而且“不确定性本身就是对经济的征税”。

On Wednesday afternoon, the president told reporters that he might consider exempting some U.S. companies from the tariffs, in addition to the 90-day pause. He said his thinking on this would be made “instinctively.”
周三下午，总统告诉记者，除了90天的暂停之外，他可能会考虑将一些美国公司从关税中豁免。他表示在这个问题上他会“凭直觉”去考虑。