President Donald Trump said he would pause higher reciprocal tariffs on dozens of non-retaliating countries for 90 days, while raising duties on China to 125%.
It wasn't immediately clear which nations would receive tariff relief. Those who do would still be taxed at the 10% baseline rate that went into effect on Saturday. Trump said that more than 75 countries had contacted his administration to negotiate on trade barriers and "have not, at my strong suggestion, retaliated in any way, shape, or form."
"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.
READ MORE:
Trump also said he was raising rates on China over its refusal to negotiate. The president had previously imposed a 104% charge on Chinese imports.
"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.
The president's partial reversal came less than 24 hours after higher reciprocal duties on 56 nations and the European Union went into effect, a move that fueled market turmoil and stoked recession fears.
Stocks surged moments after Trump's announcement with the Dow Jones Industrial Average rising more than 5% for the day and the Nasdaq rising more than 7%. The S&P 500 Index was up about 1% for the day.
