Trump Pauses Tariffs On Most Nations For 90 Days

WORLDWIDE – Facing a global market meltdown, President Donald Trump on Wednesday made a dramatic u-turn, suspending most of his global tariffs for 90 days but jacking up taxes on Chinese imports to a staggering 125%.

Treasury Secretary Scott Bessent confirmed the pause applies to nearly all major U.S. trading partners.

But Trump doubled down on China, saying the new rate was effective immediately.

Markets surged briefly but business leaders are warning a recession could be looming, as some U.S. allies slap back with their own tariffs.

Tariffs that kicked in overnight included:

104% on Chinese goods
25% on South Korea
24% on Japan
20% on The European Union