President Donald Trump said he would pause reciprocal tariffs on dozens of non-retaliating countries for 90 days, while raising duties 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 posted on social media.
Trump also said he was raising rates on China over its refusal to negotiate.
“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,” Trump said in a social media post on Wednesday.
Stocks soared on the news. The S&P jumped nearly 7%, the Dow Jones increased by about 6% and the NASDAQ was up by about 9% as of 1:55 p.m. on Wednesday.
