Trump declares 90-day tariff pause except for China

President Donald Trump announced a 90 day pause on his sweeping tariffs Wednesday, giving all countries a 10 per cent baseline except China, which will see even higher levies.

"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 per cent, effective immediately," Trump wrote on Truth Social.

Saying that more than 75 countries had asked for negotiations over the tariffs, Trump said he "authorised a 90 day PAUSE, and a substantially lowered Reciprocal Tariff during this period, of 10 per cent, also effective immediately."