Ceasefire calms markets, but Trump threatens 50% new tariff on arms suppliers to Iran

Even as the White House lauded China’s role in securing a long-awaited ceasefire that lifted global markets, US President Donald Trump reignited trade tensions by threatening a new 50 per cent tariff on countries supplying weapons to Iran, while Tehran kept the Strait of Hormuz closed and warned it could abandon the deal if Israeli attacks on Lebanon continue.“There were conversations that took place between top levels of our government and China’s government,” Trump’s spokeswoman Karoline Leavitt told reporters on Wednesday.She reiterated that Trump held “great respect” for President Xi Jinping, with whom he is scheduled to meet next month in Beijing, citing the two leaders’ “great working relationship”.On Tuesday, Trump told Agence France-Presse that he believed China had helped get Iran to the negotiating table. “I hear yes,” Trump said in a telephone call with AFP when asked whether Beijing was involved in getting key ally Tehran to negotiate on a truce.Since the war began on February 28, China has engaged Iran, Pakistan and other countries in a push to de-escalate, issuing a joint five-point plan with Islamabad last week calling for an immediate halt to fighting and renewed peace talks.01:31US and Iran agree to 2-week ceasefire amid Pakistani mediation efforts