U.S. stocks soar after Trump pauses higher tariffs for 90 days except for China

U.S. stocks surged on Wednesday after President Trump announced a 90-day pause on the higher tariffs he had imposed on most countries, except for China.

Trump, in a social media post, said he would raise tariffs on China to 125% after the Asian economy had earlier in the day imposed a 84% retaliatory tariff on the U.S. The president added he would still continue to impose a 10% tariff on all other countries, despite pausing the higher reciprocal tariffs he had announced last week.

“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.

But he said more than 75 other countries had appealed to his administration to negotiate tariffs levied on them.

“I have authorized a 90 day PAUSE, and a substantially lowered Reciprocal Tariff during this period, of 10%, also effective immediately,” he added.

The Dow Jones Industrial Average soared over 2,000 points, or 6.1% on the news. The S&P surged over 7%, while the Nasdaq rallied over 9% as of early afternoon trading.

This breaking news story will be updated