90-day tariff pause: Donald Trump pauses tariffs on most countries but hikes China import tax to 125%

The decision, which comes amid a global market downturn, was confirmed by US Treasury Secretary Scott Bessent, who told reporters that the president was suspending his so-called “reciprocal” tariffs for the majority of countries, but maintaining a 10% tariff on nearly all global imports.

In a statement posted on social media, Mr Trump said: "Effective immediately," tariffs on Chinese goods would rise to 125%.

The move appears to signal a significant shift in US trade policy, de-escalating tensions with many international partners while intensifying the ongoing trade conflict with China.

Market analysts interpreted the development as an attempt to refocus what had been a widespread trade war into a more narrowly targeted dispute with Beijing. The announcement prompted a surge in global stock markets, though investors remain cautious as details of the easing for non-China trade partners are still unclear.

The White House has yet to release a comprehensive breakdown of which countries or products will be covered under the temporary suspension, and officials have not confirmed whether any exemptions will be made permanent.