President Donald Trump announced “a 90-day pause” on tariffs Wednesday afternoon, except for the tariff on China, which the president raised to 125%.
White House Press Secretary Karoline Leavitt said that the 90-day “pause,” which is “effective immediately,” doesn’t completely end tariffs on foreign goods but rather drops the tariff rate to 10% across the board. The move comes as the Trump administration prepares for trade talks with more than 75 countries, according to Trump.
The president said the change is due in part to the willingness of numerous countries to come to the negotiating table without retaliating against the United States “in any way.” The stock market saw an immediate spike following Trump’s announcement, with the S&P 500 surging 5.7%, the Dow jumping 5%, and the Nasdaq going up nearly 7%.
While most countries will see a tariff reprieve, Trump hit China with a higher tax, citing a “lack of respect that China has shown to the World’s Markets.” The increased tariff goes into effect “immediately” and comes after the Chinese government retaliated with an 84% tariff to counter Trump’s prior 50% increase.
“At some point, hopefully in the near future, China will realize that the days of ripping off the U.S.A., and other Countries, is no longer sustainable or acceptable,” Trump wrote on Truth Social.
At a press conference outside the White House following Trump’s announcement, Treasury Secretary Scott Bessent praised Trump’s “great courage to stay the course until this moment.”
“The successful negotiating strategy that President Trump implemented a week ago today, it has brought more than 75 countries forward to negotiate,” Bessent said.
“What we have ended up with here, as I told everyone a week ago in this very spot, do not retaliate and you will be rewarded,” he added. “So every country in the world who wants to come and negotiate, we are willing to hear you.”
Secretary of Commerce Howard Lutnick wrote on X that he and Bessent “sat with the President while he wrote one of the most extraordinary Truth posts of his Presidency.”
“The world is ready to work with President Trump to fix global trade, and China has chosen the opposite direction,” Lutnick said.
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[[{“value”:”
President Donald Trump announced “a 90-day pause” on tariffs Wednesday afternoon, except for the tariff on China, which the president raised to 125%.
White House Press Secretary Karoline Leavitt said that the 90-day “pause,” which is “effective immediately,” doesn’t completely end tariffs on foreign goods but rather drops the tariff rate to 10% across the board. The move comes as the Trump administration prepares for trade talks with more than 75 countries, according to Trump.
The president said the change is due in part to the willingness of numerous countries to come to the negotiating table without retaliating against the United States “in any way.” The stock market saw an immediate spike following Trump’s announcement, with the S&P 500 surging 5.7%, the Dow jumping 5%, and the Nasdaq going up nearly 7%.
While most countries will see a tariff reprieve, Trump hit China with a higher tax, citing a “lack of respect that China has shown to the World’s Markets.” The increased tariff goes into effect “immediately” and comes after the Chinese government retaliated with an 84% tariff to counter Trump’s prior 50% increase.
“At some point, hopefully in the near future, China will realize that the days of ripping off the U.S.A., and other Countries, is no longer sustainable or acceptable,” Trump wrote on Truth Social.
At a press conference outside the White House following Trump’s announcement, Treasury Secretary Scott Bessent praised Trump’s “great courage to stay the course until this moment.”
“The successful negotiating strategy that President Trump implemented a week ago today, it has brought more than 75 countries forward to negotiate,” Bessent said.
“What we have ended up with here, as I told everyone a week ago in this very spot, do not retaliate and you will be rewarded,” he added. “So every country in the world who wants to come and negotiate, we are willing to hear you.”
Secretary of Commerce Howard Lutnick wrote on X that he and Bessent “sat with the President while he wrote one of the most extraordinary Truth posts of his Presidency.”
“The world is ready to work with President Trump to fix global trade, and China has chosen the opposite direction,” Lutnick said.
“}]]
