By In a characteristically theatrical—but allegedly strategically calibrated—reversal, of course, President Donald Trump has announced a 90-day suspension of tariffs on imports from more than 75 countries that have, to date, refrained from retaliating against the United States. The move, unveiled via a post on Trump’s Truth Social platform, coincided with a dramatic escalation of punitive measures directed solely at China: a sweeping tariff hike to 125%, effective immediately.
This change comes just one week after Trump proclaimed April 2 as “liberation day”—a moment he cast as the definitive rupture with what he termed decades of “globalist surrender” in trade. That declaration, accompanied by the imposition of broad-based tariffs on dozens of nations, sent tremors through international markets, rekindling fears of a global trade war. Yet now, with characteristic whiplash, Trump has pivoted toward a posture of conditional leniency—extending an olive branch, of sorts, to nations willing to engage with U.S. trade authorities and abstain from retaliatory action, writes The Daily Caller.
“More than 75 countries have been in contact with the Departments of Commerce, Treasury, and USTR,” Trump wrote, framing the tariff pause as a reward for diplomatic compliance. “Because they have not retaliated, I am authorizing a 90-day PAUSE and a substantially lowered reciprocal tariff during this period, of 10%, effective immediately.”
The president also said that he saw that people were getting “yipee” when looking at the bond market.
Trump on why he announced a tariffs pause: "I thought people were jumping a bit out of line. They were getting a little bit yipee." pic.twitter.com/qAILvNB96I
— Aaron Rupar (@atrupar) April 9, 2025
China, however, remains the focal point of Trump’s trade agenda, which Treasury Secretary Scott Bessent claimed was the plan the whole time. He continued by explaining that China fell into a trap set by the president.
NEW: Scott Bessent says Trump didn’t just raise tariffs—he set a trap, and China walked right into it.
This is what 4D chess looks like.
Markets are rebounding after President Trump slapped a 125% tariff on Chinese imports while giving a 90-day pause to other countries.
The… pic.twitter.com/M9KMreyWeG
— The Vigilant Fox 🦊 (@VigilantFox) April 9, 2025
Commerce Secretary Howard Lutnick also disclosed that he and Bessent had been present during the drafting of Trump’s statement. “The world is ready to work with President Trump to fix global trade, and China has chosen the opposite direction,” he declared.
Scott Bessent and I sat with the President while he wrote one of the most extraordinary Truth posts of his Presidency. The world is ready to work with President Trump to fix global trade, and China has chosen the opposite direction. pic.twitter.com/wNvg8NBnSR
— Howard Lutnick (@howardlutnick) April 9, 2025
The stock market loved the news. CNBC noted that “The S&P 500 skyrocketed 9.1%, on pace for its biggest one-day gain in five years. The Dow Jones Industrial Average advanced 2,861 points, or 7.4%, also its biggest advance since 2020. The Nasdaq Composite jumped 11.7%, its largest one-day jump in decades.
Stocks that were heavily pressured by the trade war tensions led the comeback Wednesday afternoon. Apple and Nvidia soared more than 11% and 13%, respectively. Walmart shares rallied 9.7%. Tesla shares climbed more than 19% on the back of the pause announcement.
‘Given how depressed stock prices and sentiment had become, the 90-day pause is sparking a violent rebound, and delaying implementation certainly removes a giant overhang from the market,’ said Adam Crisafulli, Vital Knowledge founder. ‘But – tariffs are not going away. China’s tariff rate is now in triple digit territory, and who knows what happens in 90 days when this pause concludes.’
Prior to the announcement of the 90-day pause, investors were on edge over an escalating tit-for-tat between China and Trump. The EU had also approved its first set of tariffs on the U.S. set to start April 15.”
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