WASHINGTON – President Donald Trump announces an immediate, 90-day pause on some tariffs.
In a post on Truth Social, Trump said he will also lower reciprocal tariffs during this period. He said this is due to more than 75 countries calling the U.S. Trade Representative and Departments of Commerce and Treasury and to negotiate a solution to trade, trade barriers, tariffs, currency manipulation and non-monetary tariffs.
“Love when he caves on his s***** ideas. He should do it more often,” Democratic Minnesota Senator Tina Smith said on X.
Trump also said he’s raising the tariff charged against China to 125 percent “based on the lack of respect” the country has to world markets.
Wall Street closed the day with stocks sharply higher. The Dow Jones Industrial Average had its biggest rally in five years and the S&P 500 posted its biggest gain since 2008. At the closing bell, the Dow gained 2,962 ending the day at 40,608. The S&P 500 rose by 474 points to 5,456. The Nasdaq gained 1,857 points to 17,124.
