Trump puts some tariffs on ice after days of global market mayhem—except for China, ‘based on the lack of respect’

• Markets rebounded hard in the paint after days of global market carnage following President Trump’s announcement of a temporary freeze on some of the previously high tariffs his administration announced last week. Treasury Secretary Scott Bessent said 75 companies have approached the White House to negotiate and while Bessent said the U.S. is not in a “trade war,” China has “escalated.” During the time-out, a 10% universal tariff will be in effect, Trump wrote on Truth Social. 

President Trump Wednesday announced a 90-day pause on the steep reciprocal tariffs announced last week during the so-called “Liberation Day,” opting instead for a lower 10% universal tariff.

The president announced the policy shift in a Truth Social post Wednesday afternoon, and added that tariffs on China would not be paused, and would instead rise to 125% because of “the lack of respect” the country has shown world markets. The tariffs on China were hiked to 104% at midnight Wednesday, with Trump citing the country’s reciprocal tariffs following the liberation day announcement as the cause.

“At some point, hopefully in the near future, China will realize that the days of ripping off the U.S.A., and other Countries, is no longer sustainable or acceptable,” Trump wrote in the Wednesday post.

Trump added that 75 countries, of about 195 worldwide, have called the U.S. to try to negotiate a deal. Among the countries which have come forward to negotiate is Vietnam, which was hit with a 46% tariff, and offered to drop all tariffs on U.S. imports to 0%, Trump said in a previous post on Truth Social. Other countries which have reportedly come forward to negotiate include South Korea and Japan, which were hit with 25% and 24% tariffs, respectively.

Following Trump’s announcement of a 90-day tariff pause, markets surged after suffering heavy losses since last week’s tariff announcement. All three major indexes were up Wednesday afternoon. The tech-heavy Nasdaq led the rebound with just under an 8% jump, followed by a 6% increase in the S&P 500 and a 5.2% rise in the Dow Jones. Apple stock soared on the news, shooting up more than 11% and climbing.

The pause on tariff comes after mounting recession and economic fears and public comments from influential voices including JPMorgan Chase’s Jamie Dimon, BlackRock’s Larry Fink, and hedge fund manager Bill Ackman. Similarly, billionaire hedge fund manager Ken Griffin—also a top Republican donor—called the tariffs “a huge policy mistake” that could lead other countries to “displace” American leadership around the globe. 

Treasury Secretary Scott Bessent said the decision to delay the tariffs came among trade negotiations. 

“As I told everyone a week ago on this very spot,” said Bessent, speaking from the White House, “do not retaliate, and you will be rewarded.”

“Everything is on the table,” in terms of making a deal, Bessent added. Each country’s tariff levels will be part of a “separate, bespoke” negotiation, he said. 

Press Secretary Karoline Leavitt struck a defiant tone with her remarks after the tariff pause, noting that China had escalated its tariffs which meant the U.S. was reacting in kind. 

“When you punch at the United States of America, President Trump is going to punch harder,” Leavitt said.

This story was originally featured on Fortune.com