Trump declares 90-day tariff pause for many countries, but hikes China rate to 125%

President Donald Trump announced a 90 day pause on his sweeping tariffs Wednesday, giving all countries a 10 percent baseline except China, which will see even higher levies.

"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," Trump wrote on Truth Social.

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Saying that more than 75 countries had asked for negotiations over the tariffs, Trump said he "authorised a 90 day PAUSE, and a substantially lowered Reciprocal Tariff during this period, of 10%, also effective immediately."

Nasdaq jumps more than 10%

Wall Street forged ahead with a rally on Wednesday afternoon, with the tech-focused Nasdaq soaring more than 10 percent shortly after Trump's announcement.

Following the halt on higher duties — which originally hit US allies and competitors alike — the Nasdaq Composite Index jumped 10.8 percent to 16,917.49, while other major indexes also rocketed higher.