Trump Says Big Tariffs Will Be Paused for 90 Days (Except China) in Wild Reversal

President Donald Trump announced so-called “reciprocal” tariffs will be paused for 90 days while leaving the 10% tariffs across the board in place, sending the markets rebounding significantly Wednesday afternoon. Trump made the announcement on his social media platform Truth Social, where he said China will get an even higher tariff than the 104% that was implemented at 12:01 a.m. ET on Wednesday, raised to 125% starting today. “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. “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 went on to explain that 75 countries had come to negotiate on tariffs, though it’s unclear how countries like Australia, which buys more from the U.S. than it exports, could even begin to ne ... Read full article.