Trump Suspends Most Tariffs for 90 Days, Escalates China Trade Fight
President Donald Trump announced Wednesday that he would suspend most of his recently imposed reciprocal tariffs for 90 days, offering a temporary reprieve to global trading partners. China is the sole country to be excluded from the pause, with tariffs on Chinese imports set to rise sharply from 104% to 125% following retaliatory moves by Beijing.
In a post on Truth Social, Trump said he had “authorized a 90 day PAUSE, and a substantially lowered Reciprocal Tariff during this period, of 10%, also effective immediately.” He added, “Based on the lack of respect that China has shown to the World’s Markets, I am hereby raising the Tariff charged to China by the United States of America to 125%, effective immediately.”
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The decision came after China unveiled a new round of retaliatory tariffs on US goods, set to take effect Thursday, bringing its total levies to 84%. The European Union also voted to impose 25% counter-tariffs on US imports such as corn and plate glass, set to begin next Tuesday, but said they could be lifted if a balanced agreement is reached.
Treasury Secretary Scott Bessent said Trump had shown “great courage to stay the course until this moment,” adding that the US has made clear it is open to negotiation with countries that do not retaliate. Commerce Secretary Howard Lutnick, who was with Trump when the announcement was made, said, “The world is ready to work with President Trump to fix global trade, and China has chosen the opposite direction.”
The tariff pause triggered a rally in financial markets. The Dow Jones jumped 2,200 points (5.9%), the S&P 500 rose 6.5%, and the Nasdaq soared more than 8%.
