President Donald Trump on Wednesday announced a 90-day pause on tariffs on dozens of countries, but also increased the tariff on China to 125%.
“I have authorized a 90-day PAUSE, and a substantially lowered Reciprocal Tariff during this period, of 10%, also effective immediately,” Trump said in a social media post.
After the Truth Social post, financial markets almost immediately posted gains, after days of sharp losses since Trump announced the tariffs last week.
“President Trump cares about trade, and we want to negotiate in good faith,” Treasury Secretary Scott Bessent said outside the White House, at an unscheduled press conference after the president’s announcement.
