In a dramatic move Wednesday, President Donald Trump says he has authorized a 90-day pause in the higher tariffs for most countries he announced last week - while maintaining a 10% baseline tariff across the board.
Treasury Secretary Scott Bessent told reporters, "It took great courage, great courage for him to stay the course until this moment," reiterating what he mentioned a week ago, "do not retaliate, and you will be rewarded."
The pause would not apply to China - on which Trump said he was raising the U.S. tariff to 125% because, unlike other countries, Bessent said, it was unwilling to make a deal.
U.S. stocks closed with major gains on Wednesday after President Donald Trump announced a 90-day pause on some tariffs.
The Dow Jones Industrial Average climbed 2,962 points, or 7.8%, marking the index's best day since 2020.
The S&P 500 jumped 9.5%, while the tech-heavy Nasdaq soared 12.1%.
Click here to read the latest stock market news.
President Donald Trump has announced that countries subject to reciprocal tariffs will have a lowered 10% rate for 90 days, according to a new social media post.
This does not apply to China, which Trump says is now subject to a 125% tariff rate following their retaliatory tariff announced earlier Wednesday.
"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.
U.S. stocks closed with major gains on Wednesday after President Donald Trump announced a 90-day pause on some tariffs.
The Dow Jones Industrial Average climbed 2,962 points, or 7.8%, marking the index's best day since 2020.
The S&P 500 jumped 9.5%, while the tech-heavy Nasdaq soared 12.1%.
Click here to read the latest stock market news.
President Donald Trump told ABC News Chief White House Correspondent Mary Bruce on Monday that he was "not looking at" a pause on tariffs.
Asked about the apparent reversal and his credibility by another reporter on Wednesday, Trump said "you have to have flexibility."
"I could say, here's a wall and I'm going to go through that wall. I'm going to go through it no matter what. Keep going. And you can't go through the wall. Sometimes you have to be able to go under the wall, around the wall or over the wall," Trump said.
"But over the last few days it looked pretty glum," he acknowledged, before quickly touting the uptick in the markets after his pause announcement.
President Donald Trump was asked whether the change in the bond markets was a factor in changing his tariff policy.
The president said he was watching bond market and called it "tricky."
"I was watching it, but if you look at it now, it's beautiful. The bond market right now is beautiful. but, yeah, I saw last night where people were getting a little queasy," he said.
Trump quickly changed the subject and praised Republicans for supporting his policies.
"A deal can be made with everyone," President Donald Trump said as he took some questions in the White House driveway after announcing a pause for some tariffs for nations that want to negotiate.
"A deal is going to be made with every one of them, and they'll be fair deals. I just want fair deals," Trump said.
Trump said he believed China wants to make a deal, despite tariff tit-for-tats escalating between the U.S. and Beijing.
