10 April 2025

Mr. Trump's statement came after goods from nearly 90 countries were subjected to high tariffs known as 'reciprocal tariffs.'

Mr. Trump's statement came after goods from nearly 90 countries were subjected to high tariffs known as 'reciprocal tariffs.

Meanwhile, Trump also announced that tariffs on imports from China would be raised to 125% 'effective immediately' due to 'China's lack of respect for the global market.'

Just hours before Trump’s latest announcement, China — the U.S.'s third-largest trading partner — stated it would raise tariffs on American imports to 84%.

'Based on the fact that more than 75 countries have contacted U.S. representatives — including the Department of Commerce, the Department of the Treasury, and the Office of the United States Trade Representative — to negotiate solutions to the ongoing issues regarding trade, trade barriers, tariffs, currency manipulation, and non-monetary tariffs, and that these countries, at my strong suggestion, have not retaliated against the U.S. in any way, I have authorized a 90-day suspension of tariffs, along with a significantly lower reciprocal tariff rate of 10%, which also takes effect immediately,' Trump wrote on social media platform Truth.

Trump’s 90-Day Tariff Delay Announcement

U.S. Treasury Secretary Scott Bessent, in announcing the tariff delay, emphasized: “Don’t retaliate and you will be rewarded. President Trump has always been prepared with a comprehensive plan to delay tariffs on dozens of countries just days after announcing reciprocal tariffs.”

“This has been his strategy from the start,” Bessent told reporters, according to CNBC. He also added that the partial delay in tariff implementation stemmed from Trump’s desire to be directly involved in negotiations, with separate talks planned for each party.

U.S. Treasury Secretary Scott Bessent at the April 9 press conference

President Trump’s reciprocal tariffs, announced last week, did not include Mexico and Canada. However, these two trade partners had previously been subject to a 25% tariff related to Trump’s demands for tighter controls on the trafficking of the opioid fentanyl. According to Reuters, those tariffs remain in effect, except for goods that comply with the conditions outlined in the United States-Mexico-Canada Agreement (USMCA).

U.S. stock indexes saw their largest single-day gains in years after President Trump announced a 90-day suspension of reciprocal tariffs. At the close of Wednesday’s trading session (U.S. time), the Dow Jones surged nearly 3,000 points (up 7.87%). The S&P 500 soared 9.5%, and the Nasdaq jumped 12.2%. It was the best day for the S&P 500 since October 2008. For the Nasdaq, it marked the highest single-day gain since January 2001 and the second-largest gain in its history. The Dow Jones also recorded its strongest gain in the past five years.

This development completely reversed earlier declines in European markets, which had been reflecting growing concerns over a potential U.S. recession and a global slowdown — fears partly fueled by expectations that trade wars would reignite inflation.

Stock traders were thrilled to see major U.S. indexes surge across the board at the close of trading on April 9.