The Dow Jones Industrial Average went up more than 2,000 points, while the S&P 500 was up more than 7%, and the Nasdaq Composite was up almost 10%.

“Based on the lack of respect that China has shown to the World’s Markets, I am hereby raising the Tariff charged to China by the United States of America to 125%, effective immediately. At some point, hopefully in the near future, China will realize that the days of ripping off the U.S.A., and other Countries, is no longer sustainable or acceptable,” Trump wrote.

“Conversely, and based on the fact that more than 75 Countries have called Representatives of the United States, including the Departments of Commerce, Treasury, and the USTR, to negotiate a solution to the subjects being discussed relative to Trade, Trade Barriers, Tariffs, Currency Manipulation, and Non Monetary Tariffs, and that these Countries have not, at my strong suggestion, retaliated in any way, shape, or form against the United States, I have authorized a 90 day PAUSE, and a substantially lowered Reciprocal Tariff during this period, of 10%, also effective immediately. Thank you for your attention to this matter!” Trump continued.

The pause on the higher so-called “reciprocal” rates comes hours after those tariffs went into effect shortly after midnight. The 10% tariffs on all countries went into effect on Saturday, after both levies were announced by Trump in the Rose Garden last Wednesday.

Treasury Secretary Scott Bessent briefly spoke to reporters at the White House following Trump’s announcement, claiming that the pause had nothing to do with recent stock market woes and that “this” was the president’s “strategy all along.”

Bessent confirmed to the Washington Examiner that the effective 10% tariff rate for all trade partners, except China, would include Canada and Mexico but said that the president still planned to “soon” announce a range of sectoral tariffs, targeting foreign pharmaceuticals, automobiles, lumber, and more.

He claimed Trump wants to be “personally involved” in the “bespoke” negotiations with individual trading partners and could not set a timeline for when bilateral trade deals might be announced. Furthermore, Bessent suggested that Trump might be willing to either maintain a pause on certain reciprocal tariffs, or drop them completely, in exchange for non-trade related concessions from other countries.

TRUMP’S APPROVAL RATING DIPS BELOW 50% AFTER TARIFF POLICY

White House Press Secretary Karoline Leavitt told reporters the president’s tariff approach was the “art of the deal” in moving countries away from China.

“Many of you in the media clearly missed the art of the deal. Clearly you all failed to see what President Trump was doing here. You tried to say that the rest of the world would be moved closer to China, when in fact we have seen the opposite effect,” Leavitt said.

“When you punch the United States of America, President Trump is going to punch back harder. In that same vein, we have had more than 75 countries from around the world reach out to President Trump and his team here at the White House to negotiate better trade deals for the American worker,” White House press secretary Karoline Leavitt added. “We have been overwhelmed with the amount of requests from countries around the world.”

“For decades, Republicans and Democrats have said that these unfair trade practices are ripping off the American people, are ripping off our country, but nobody has ever done anything to address it,” she continued. “We finally have a president here at the White House who is playing the long game, who is doing what is right for the American worker in our industries here at home.”

This is a breaking story and will be updated.