WASHINGTON: President Donald Trump on Wednesday announced a 90-day pause on his massive tariffs, giving all countries except China a 10 percent baseline, which will see even higher tariffs.
“Based on China’s lack of respect for world markets, I am hereby increasing the tariffs imposed by the United States of America on China to 125 percent, effective immediately,” Trump wrote on Truth Social.
Noting that more than 75 countries have asked for tariff negotiations, Trump said he has “allowed a 90-day pause, and during that period has substantially reduced the reciprocal 10 percent tariff, effective immediately.”
Wall Street stocks surged after U.S. President Donald Trump announced a 90-day pause on tariffs on all countries except China.
Shortly after Trump announced his latest pivot to his Truth Social platform, the S&P 500 jumped 6.0% to 5,281.44, snapping a wild run of losses since Trump announced his “Liberation Day” tariffs a week ago.
