Pres. Trump puts a pause on tariffs

WASHINGTON (Gray DC) - Financial markets soared Wednesday on news President Donald Trump authorized a 90-day pause on tariffs to most countries.

After four days of substantial declines in U.S. financial markets, the President re-thinking his tariffs policy. As a result, financial markets on Wednesday soared.

Shortly after 1 p.m. ET, the President took to social media to announce a reversal in his tariffs policy, “I have authorized a 90 day PAUSE, and a substantially lowered Reciprocal Tariffs during this period, of 10%, also effective immediately.”

A short while later on the South Lawn of the White House, he told reporters that the current state of affairs hurt the economy, " it wasn’t sustainable. What was happening. Somebody had to pull the trigger. I was willing to pull the trigger. These should have been done long ago."

Since last Wednesday, global stock markets have plunged, following Trump’s original announcement about tariffs on April 2.

Treasury Secretary Scott Bessent in response to White House correspondent Jon Decker’s question, explained what’s ahead for the 75 countries that have approached the White House about negotiating new trade deals.

Jon Decker: Mr. Secretary, 75 countries? Long will that take? Will it be a matter of weeks? Will it be a matter of months? Do you expect the financial markets to be stable during that time period?

Treasury Secretary Bessant: Well, it started with a 90 day pause, and we will see if more countries turn up, what will happen. But we have a meeting with Vietnam, and they today, and we have one of the largest trade deficits with them, so I’m hoping that we’ll move in a different direction.

At the other end of Pennsylvania Avenue, Senate Minority Leader Chuck Schumer criticized the President’s trade agenda.

“So number one, let’s make it clear. Let me be clear. Donald Trump is feeling the heat from Democrats and across America about how bad these tariffs are. He is reeling. He is retreating. And that is a good thing. We are going to continue to put the heat on him because there are still many damaging, much damaging, tariffs in place.”

While the President gave some breathing room to most of America’s trading partners, he did not give a reprieve to China. The President on Wednesday raised tariffs on China’s exports to the U.S. to 125 percent - after Beijing announced a new round of retaliation.