After sending markets into free fall, President Donald Trump is now hitting pause on his global tariff plan. But not for China. In a dramatic reversal, Trump announced a 90-day suspension of new import duties for more than 75 countries after they reached out to discuss trade barriers.

That pause, however, does not include China. In fact, tariffs on Chinese imports will now spike to 125%. This move comes just days after Trump imposed a 10% baseline tariff on nearly all foreign imports, sparking fears of an economic meltdown.

Investors warned of a potential economic nuclear winter. But after global markets tumbled and $3 trillion in stock value evaporated, Trump’s administration appeared to reverse course, at least partially.

Treasury Secretary Scott Bessent insists this is a negotiating tactic, saying the pause was designed to scare nations into cutting deals with the United States. The world is watching, the markets are moving, and the question remains: What is Trump’s end game?

Learn more about your ad choices. Visit megaphone.fm/adchoices