Trump backs down on most tariffs for 90 days but raises Chinese imports to 125%

In response to a worldwide market crisis, President Donald Trump announced on Wednesday that he would temporarily suspend tariffs on most countries for a period of 90 days, while simultaneously increasing the tax rate on Chinese imports to 125%.

Treasury Secretary Scott Bessent explained that Trump was halting his so-called ‘reciprocal’ tariffs on many of the nation’s key trading partners, but would keep a 10% tariff on nearly all…