US President Donald Trump on Wednesday announced that he was backing down on most nations' tariffs for 90 days amid market meltdown, but he's raising China tariffs, reported AP.
US President Donald Trump's tariff measures have faced retaliation. (REUTERS)
The Republican President also announced that he was raising the tariff rate for China to 125%, effective immediately.
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"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 wrote on Truth Social.
Wall Street's main indexes turned sharply higher soon after the US President authorised a 90-day pause on reciprocal and 10% tariffs.
While global markets saw a major surge, the precise details of Trump's plans to ease tariffs on non-China trade partners were not immediately clear.
Trump's tariffs kicked in on April 4, including 104% on products from China, 20% on the European Union, 24% on Japan and 25% on South Korea.
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Administration officials have tried to reassure voters, Republican lawmakers and CEOs that the rates are negotiable, but by their admission, that process could take months.
Trump's 90-day tariff pause: How US markets reacted?
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Administration officials have tried to reassure voters, Republican lawmakers and CEOs that the rates are negotiable, but by their admission, that process could take months.
Trump's 90-day tariff pause: How US markets reacted?
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US stocks were flying higher after the 90-day tariff pause announcement for most countries except for China.
The S&P 500 was up 5.7 per cent after erasing an earlier loss of 0.7 per cent. The Dow Jones Industrial Average soared 2,000 points, or 5 per cent, and the Nasdaq composite was up 6.8 per cent.
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Stay updated with US News covering politics, crime, weather, local events, and sports highlights. Get the latest on Donald Trump and American politics along with Horoscope 2026.
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Home/World News/Us News/Donald Trump hits pause on tariffs for ‘most nations’ but increases China's levies to 125%
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