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

Less than 24 hours after his sweeping new tariffs on dozens of US trading partners took effect, President Donald Trump announced a 90-day pause for all of them except China. After Beijing announced retaliatory tariffs of 84 percent on US goods, Washington hiked its levy to 125 percent. Meanwhile, the 10 percent 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 percent.