Trump pauses “reciprocal tariffs” for 90 days while raising the rate to 125% on China

Less than 24 hours after his new, high tariffs on dozens of US trading partners took effect, Donald Trump announced a 90-day pause for all of them except China.  After Beijing announced retaliatory tariffs of 84% on US goods, Washington hiked its levy to 125%. Meanwhile, the 10% baseline global tariff that went into effect last week will remain in place. Wall Street stocks skyrocketed on the announcement, with the Nasdaq posting the best day since 2001, up 12%.