President Trump paused new 10% tariffs on most global trading partners for 90 days to allow room for negotiations — but raised tariffs on China to 125% “effective immediately,” citing disrespect toward global markets.
China had just raised its U.S. tariff rate to 84%.
More than 75 countries have contacted U.S. officials for talks.
The S&P 500 soared 7% on the announcement, its biggest one-day gain in five years.
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