Donald Trump stunned trade observers yet again with a yet another quick pivot on trade, announcing in a social media post that he would authorize a 90-day pause on his reciprocal tariff plans while keeping the 10% duties in place on most of the world that went into effect last weekend.
"These Countries have not, at my strong suggestion, retaliated in any way, shape, or form against the United States, I have authorized a 90 day PAUSE, and a substantially lowered Reciprocal Tariff during this period, of 10%, also effective immediately," Trump posted.
The president also announced he would be unilaterally raising the rate on China further to 125% because of "the lack of respect that China has shown."
The market relief was immediately evident with stocks spiking by more than 7%.
Treasury Secretary told reporters that the president's decision had nothing to do with the market turmoil of the past week, saying that "this was his strategy all along."
More than 75 countries have contacted the US to start talks on the reciprocal tariffs ,Bessent added, and thus the 90-days pause allows the US to create a "bespoke" solution for all of them with Trump personally involved.
The decision from Trump also came after he posted on social media that it was a "great time to buy" and urged his followers to "stay ool."
The move puts even more focus on China as the White House appears to try to isolate the world's second largest economy by beginning talks with China's neighbors while continuing to raise the stakes there.
"China is the most imbalanced economy in the history of the world," Bessent added to reporters Wednesday afternoon, calling it the "biggest source" of US trade troubles.
It was not immediately clear what the effect would be on places like the European Union, which announced its own reciprocal tariff plans in recent hours but went unmentioned in Trump's post. A White House spokesperson didn't immediately respond to a request for clarity.
It was yet another shocking turn in Trump's second term trade agenda that came after new duties went into effect at midnight with historic double digit duties on America's allies and a 104% base rate on Chinese goods.
Economic observers warned that move could crush pocketbooks, with a new Yale Budget Lab study released Tuesday estimating that the tariffs could push prices up by 2.3% and translate to an average of $3,800 more in costs this year for families.
Around the world, 185 countries have been impacted by new 10% duties unveiled last week with those appearing set to continue.
Trump and his aides have repeatedly touted the countries have called to negotiate, with Bessent saying they are "overwhelmed." Japan and South Korea are apparently first in line with talks commencing this week.
Other talks are expected to drag out for weeks or months and unclear if they will begin before the 90 day pause ends in July.
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