By Molly Goddard
3:36am PDT, Apr 10, 2025
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Donald Trump is hitting the pause button on his sweeping tariffs — for some countries.
On Wednesday, April 9 — after days of throwing America's economy into turmoil with his newly imposed duties — the
president announced a 90-day pause on taxes for goods coming into the United States. However, the halt will only be for the regions that did not retaliate against the U.S.
Keep reading for more on Trump's latest policy flip-flop…
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"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," Donald Trump wrote on Truth Social on Wednesday, April 9.
"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!" he continued.
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According to
CNBC, mere minutes after Donald Trump made the announcement, the
stock market surged 2,300 points.
Per the outlet, the S&P 500 rose by 7.3%, on pace for its biggest one-day gain in five years. The Dow Jones Industrial Average grew by 2,377 points, or 6.2%, also its biggest growth since 2020. The Nasdaq Composite, meanwhile, launched to 9.2%.
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According to a translation of an Office of the Tariff Commission of the State Council announcement, in response to Donald Trump's newly imposed duties,
China announced an 84% retaliatory tariff on the U.S.
"The U.S. threat to escalate tariffs against China is a mistake on top of a mistake, which once again exposes the US's blackmailing nature," China's Ministry of Commerce said in a Tuesday, April 8, statement. "If the U.S. insists on having its way, China will fight to the end."
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Donald Trump reversing his stance on the tariffs comes as a surprise as the right-winger continued to emphasize how great the taxes were for the American people despite putting the stock market into a frenzy.
"Oil prices are down, interest rates are down (the slow-moving fed should cut rates!), food prices are down, there is NO
INFLATION and the long-time abused USA is bringing in billions of dollars a week from the abusing countries on tariffs that are already in place," he claimed on Truth Social on Monday, April 7.
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Despite Donald Trump's confidence in the tariffs, Wall Street went into free-fall over his new policies.
According to the
New York Post, the stock market slumped on Sunday, April 6, with the Dow Jones Industrial Average down 2.1 percent and the S&P 500 plummeting about 2.5 percent, while the Nasdaq fell almost 3.1 percent.
