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Trump tariffs updates: President decided to pull reciprocal tariffs 'this morning'

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Last updated: Thursday, April 10, 2025 2:00AM GMT
Trump announces 90-day pause on most reciprocal tariffs
In a dramatic move Wednesday, President Donald Trump says he has authorized a 90-day pause in the higher tariffs for most countries he announced last week - while maintaining a 10% baseline tariff across the board.

In a dramatic move Wednesday, President Donald Trump says he has authorized a 90-day pause in the higher tariffs for most countries he announced last week - while maintaining a 10% baseline tariff across the board.

Treasury Secretary Scott Bessent told reporters, "It took great courage, great courage for him to stay the course until this moment," reiterating what he mentioned a week ago, "do not retaliate, and you will be rewarded."

The pause would not apply to China - on which Trump said he was raising the U.S. tariff to 125% because, unlike other countries, Bessent said, it was unwilling to make a deal.

Key Headlines

Here's how the news is developing.
Apr 09, 2025, 8:11 PM

Dow closes up 2,962 points in market rally as Trump pauses some tariffs

U.S. stocks closed with major gains on Wednesday after President Donald Trump announced a 90-day pause on some tariffs.

Traders work on the floor at the New York Stock Exchange in New York, Wednesday, April 9, 2025.
Traders work on the floor at the New York Stock Exchange in New York, Wednesday, April 9, 2025.

The Dow Jones Industrial Average climbed 2,962 points, or 7.8%, marking the index's best day since 2020.

The S&P 500 jumped 9.5%, while the tech-heavy Nasdaq soared 12.1%.

Click here to read the latest stock market news.

ABCNews logo
Apr 09, 2025, 6:08 PM

Trump announces 90-day 10% reciprocal tariff rate and increased 125% tariff rate on China

President Donald Trump has announced that countries subject to reciprocal tariffs will have a lowered 10% rate for 90 days, according to a new social media post.

This does not apply to China, which Trump says is now subject to a 125% tariff rate following their retaliatory tariff announced earlier Wednesday.

President Donald Trump speaks during an event on energy production in the East Room of the White House, Tuesday, April 8, 2025, in Washington.
President Donald Trump speaks during an event on energy production in the East Room of the White House, Tuesday, April 8, 2025, in Washington.

"Based on the lack of respect that China has shown to the World's Markets, I am hereby raising the Tariff charged to China by the United States of America to 125%, effective immediately," Trump wrote.

ABCNews logo
Apr 09, 2025, 3:40 PM GMT

China to increase tariffs on US goods to 84%

China on Wednesday said it would increase its reciprocal tariffs on U.S. goods to 84% from the previous 34%, per a statement from the country's Finance Ministry.

Trucks line up to enter a Port of Oakland shipping terminal on Nov. 10, 2021, in Oakland, Calif.
Trucks line up to enter a Port of Oakland shipping terminal on Nov. 10, 2021, in Oakland, Calif.

The ministry's statement said escalating U.S. tariffs were a "mistake," adding: "China urges the U.S. to immediately correct its wrong practices, cancel all unilateral tariff measures against China and properly resolve differences with China through equal dialogue on the basis of mutual respect."

The measure came after President Donald Trump's additional tariffs on Chinese goods came into force just after midnight, bringing the total rate of tariffs on Chinese goods to 104%.

-ABC News' Karson Yiu

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