President Donald Trump announced a 90-day pause on new tariffs, reducing them to 10% for most U.S. trade partners to allow for trade negotiations.
He also raised tariffs on Chinese imports to 125%, citing disrespect towards global markets.
Following the announcement, stock markets surged, with the S&P 500 seeing a 7% jump. Trump had previously imposed reciprocal tariffs on goods from 90 countries, ranging from 11% to 50%.
The move came after financial markets experienced declines, and over 75 countries reportedly reached out to the U.S. for negotiations.
