President Donald Trump speaks at the National Republican Congressional Committee (NRCC) dinner at the National Building Museum in Washington, Tuesday, April 8, 2025. (Pool via AP)

WASHINGTON (AP) — Facing a global market meltdown, President Donald Trump on Wednesday abruptly backed down on his tariffs on most nations for 90 days, but raised his tax rate on Chinese imports to 125%.

Treasury Secretary Scott Bessent told reporters that Trump was pausing his so-called ‘reciprocal’ tariffs on most of the country’s biggest trading partners, but maintaining his 10% tariff on nearly all global imports. Imports tariffs on goods from China, though, would surge to 125% “effective immediately” Trump said on social media.

It was seemingly an attempt to narrow what had been an unprecedented trade war between the U.S. and most of the world to one between the U.S. and China.

Global markets surged on the development.