(AURN News) — President Donald Trump on Wednesday announced a 90-day pause on tariffs, softening his aggressive trade stance after markets plunged.

In a post on his Truth Social account, Trump said he was still raising tariffs on Chinese imports and also authorizing a temporary pause and a reduced 10% reciprocal tariff on other countries.

“Based on the lack of respect that China has shown to the World’s Markets,” Trump wrote, “I am hereby raising the Tariff charged to by the United States of America to 125%, effective immediately.” 

Trump also said he authorized a 90-day pause on tariffs and temporarily lowered the rate to 10 percent after hearing from more than 75 countries and consulting with U.S. agencies. Trump added that the countries had “not, at my strong suggestion, retaliated in any way, shape, or form against the United States.”

The announcement followed a steep selloff, but the Dow Jones Industrial Average rebounded 2,000 points Wednesday afternoon after the pause was posted.

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