U.S. President Donald Trump holds up a chart while speaking during a “Make America Wealthy Again” trade announcement on April 2, 2025 in Washington, DC.
Chip Somodevilla | Getty Images News | Getty Images
President Donald Trump on Wednesday dropped tariffs under his new trade plan to 10% on imports from most countries, as he announced a 90-day pause for higher, so-called reciprocal tariffs that took effect on many countries this week.
Trump’s credited his decision to pause the full effect of tariffs on the fact that “more than 75 Countries” have contacted U.S. officials to negotiate trade imbalance issues. Those negotiations will continue during the pause.
Trump also said in a social media post that he was raising the tariffs imposed on imports from China to 125% “effective immediately” due to the “lack of respect that China has shown to the World’s Markets.”
Stock market indices rocketed sharply higher on Trump’s announcement. The benchmark S&P 500 index leapt by 7%, which puts it on track for its largest single-day gain in five years.
Commerce Secretary Howard Lutnick, in a tweet, said that he and Treasury Secretary Scott Bessent sat with Trump while he wrote out the announcement on Truth Social, “one of the most extraordinary Truth posts of his Presidency.”
“The world is ready to work with President Trump to fix global trade, and China has chosen the opposite direction,” Lutnick wrote.
Read Trump’s full Truth Social announcement:
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. 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.
Conversely, and based on the fact that more than 75 Countries have called Representatives of the United States, including the Departments of Commerce, Treasury, and the USTR, to negotiate a solution to the subjects being discussed relative to Trade, Trade Barriers, Tariffs, Currency Manipulation, and Non Monetary Tariffs, and that these Countries have not, at my strong suggestion, retaliated in any way, shape, or form against the United States, I have authorized a 90 day PAUSE, and a substantially lowered Reciprocal Tariff during this period, of 10%, also effective immediately. Thank you for your attention to this matter!
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