Key Points

President Donald Trump dropped new tariff rates on imports from most U.S. trade partners to 10% for 90 days to allow trade negotiations with those countries.

Trump announced the pause hours after goods from nearly 90 nations became subject to stiffer, so-called reciprocal tariffs imposed by the United States.

The president 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.”

 

 

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 new tariff rates on imports from most U.S. trade partners to 10% for 90 days to allow trade negotiations with those countries.

Trump announced the pause hours after goods from nearly 90 nations became subject to stiffer, so-called reciprocal tariffs imposed by the United States.

The president 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.”

China, which is the U.S.’s third-largest trading partner, earlier Wednesday said it would increase its tariff rate for imports from the U.S. to 84%.

Trump said “more than 75 Countries” contacted U.S. officials to negotiate after he unveiled his new tariffs last week.

Stock market indices rocketed sharply higher Wednesday on Trump’s announcement, reversing four days of losses. The benchmark S&P 500 index leapt by 7%, which puts it on track for its largest single-day gain in five years.

When asked later about the reason for his decision, Trump told reporters, “Well, I thought that people were jumping a little bit out of line.”

“They were getting yippy, you know, they were getting a little bit yippy, a little bit afraid,” Trump said at the White House.

Treasury Secretary Scott Bessett claimed to reporters that Trump had always intended to put the brakes on the wide-ranging tariffs the president announced last week.

“This was his strategy all along,” Bessent said at the White House, where officials, including him, had denied for days that the tariffs would be suspended.

 

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On April 2, Trump had said he would impose a baseline rate of 10% for tariffs on imports from more than 180 countries.

A subset of 90 countries’ imports would be subject to reciprocal tariffs that took effect Wednesday. Those enhanced levies ranged from a low of 11% to a high of 50%.

Financial markets have been in turmoil since Trump announced with plan, with U.S. stock markets suffering four straight days of declines as of Tuesday.

Senate Minority Leader Chuck Schumer, D-NY, criticized Trump on Wednesday,, saying the president “is feeling the heat from Democrats and across America about how bad these tariffs are.”

“He is reeling, he is retreating, and that is a good thing,” said Schumer.

“This is government by chaos,” Schumer said, “He keeps changing things from day to day. His advisers are fighting among themselves, calling each other names, and you cannot run a country with such chaos, with such unpredictability, with such lack of understanding of what’s going on in the world and the facts.

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!

Asian stocks track Wall Street gains after Trump suspends tariffs; Japan’s Nikkei rises more than 8%

 

　　Nanjing East Road Pedestrian Street is Shanghai’s main shopping street.

Bruce Yuanyue Bi | Photo Library | Getty Images

Asia-Pacific stocks rose on Thursday as Wall Street saw its largest buying since 2008, following U.S. President Donald Trump’s announcement of a 90-day suspension of tariffs on all countries except my country.

Japanese stocks led the region’s gains. The benchmark Nikkei 225 index rose 7.77% and the Topix index rose 7.03%.

South Korea’s composite stock price index rose 5.06% and the small-cap Kosdaq index rose 4.85%.

Australia’s S&P/ASX 200 index rose 4.57%.

Investors will keep a close eye on Chinese stocks as the United States will raise tariffs on imports from mainland my country to 125% after Beijing announced plans to impose retaliatory tariffs of 84% on American products.

Mainland my country’s CSI 300 Index opened up 1.69% on the day, and Hong Kong’s Hang Seng Index rose 2.62%.

Symbol company name price change% change

.AXJO S&P/Australian Stock Exchange 200 Index ASX 2007,727.90+352.90+4.79%

.HSI Hang Seng Index Hang Seng Index 20,867.96+609.69+3.01%

.KS11 Korea Composite Stock Price Index Korea Composite Stock Price Index 2,408.96+115.29+5.03%

.N225 Nikkei 225 Index Nikkei 34,186.95+2,467.57+7.78%

.SSEC Shanghai Shanghai 3,209.40+22.92+0.71%

US futures rose after Trump promised to suspend tariffs on some trading partners for 90 days, stimulating a sharp surge in Wall Street stocks.

Overnight in the US stock market, the S&P 500 surged 9.52% to close at 5,456.90 points, marking the largest single-day gain since 2008. This is also the third largest gain in history since World War II.

Meanwhile, the Dow Jones Industrial Average rose 2,962.86 points, or 7.87%, to close at 40,608.45 points, marking the largest percentage gain since March 2020. The Nasdaq Composite Index rose 12.16% to 17,124.97, its biggest one-day gain since January 2001 and second-best one-day gain ever.

South Korea stocks rose more than 5%, hitting a one-week high

The South Korean stock average rose sharply on Thursday.

By 10:22 a.m. local time, the Korea Composite Stock Price Index narrowed its gains to 5.03% at 2,409.04, its highest level in a week. So far this year, the index has risen 0.26%.

Final | 10:29 a.m. (JST)

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Quote Overview

Korea Composite Stock Price Index

Growth was seen across all sectors, led by automotive, technology, defense and manufacturing.

The best performers in the index included tech giants SK Hynix (up 11.27%), LG Display (up 10.8%) and Samsung Electronics (up 4.91%).

Other major movers included Samsung Heavy Industries (up 6.21%), Hyundai Motor (up 6.29%) and Hyundai Rotem (up 9.36%).

Meanwhile, the small-cap Kosdaq was last up 4.73%.

— Amara Balakrishna

57 minutes ago

Japan wholesale prices rise more than expected on uncertainty over U.S. tariffs

Japan’s producer prices rose 4.2% in the year to March, Bank of Japan data showed on Thursday, highlighting pressure from rising raw material costs that is adding to companies’ pain amid uncertainty over U.S. tariffs.

The corporate product price index (CGPI), a measure of how much companies charge each other for products and services, rose 3.9%, beating market expectations, after rising 4.1% in February.

The data showed that overall prices rose 0.4% month-on-month.

— Annick Bowe

1 hour ago

Asian stocks rose as Trump suspended tariffs, with Japan’s Nikkei surging more than 8% in early trading

Japan’s Nikkei 225 index saw sharp gains on Thursday, leading gains in the Asia-Pacific region.

Price Overview

Nikkei 225 Index

The best performing stocks in the index included NTN Corp Suzuki Motor, which rose 9.39%, Denso Corp, which rose 9.17%, and 8.72%, according to data from the London Stock Exchange.

The Topix rose 7.52%.

Japan Display Inc led the gains, with Hamamatsu Photonics rising 12.79% and Rohm Corp adding 12.04%.

— Amara Balakrishna

5 hours ago

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