News Today: Trump announces 90-day tariff pause for all but China, markets rally globally

In a dramatic policy reversal, U.S. President Donald Trump has announced a 90-day pause on higher tariffs for most of America’s trading partners — with China explicitly excluded from this concession. The decision has sparked a powerful rebound in financial markets across the globe, with the S&P 500 posting its biggest one-day gain since 2008, surging by 9.5%.

According to News Today, this move comes just hours after new U.S. import levies targeting around 60 countries officially took effect. Trump’s administration had earlier imposed tariffs ranging from 11% to over 100% on nations including the European Union, Vietnam, and South Africa, labeling them as “worst offenders” for alleged unfair trade practices.

However, Trump’s unexpected announcement has temporarily eased international trade tensions. He stated he would now implement a “lowered reciprocal tariff of 10%” for most trade partners, citing ongoing negotiations. The White House emphasized that countries willing to negotiate would benefit from this new, lower rate.

China, however, remains a central battleground. Trump has now increased tariffs on Chinese imports to a staggering 125%, citing a “lack of respect” from Beijing after it announced retaliatory tariffs of 84% on U.S. goods.

This new development follows a turbulent week that saw global markets roiled, bond yields spike to 4.5%, and recession fears intensify. But Trump’s tariff pause has somewhat stabilized markets, especially in the Asia-Pacific region, where stocks jumped in response.

Despite this temporary relief, experts warn that the U.S.-China trade war could deepen if mutual concessions are not reached soon. For now, global markets are watching closely as Trump’s trade strategy continues to evolve.