US President Donald Trump has said he has authorised a 90-day pause in trade tariffs for most countries but has left China out of the new arrangement.
In a post on Truth Social, Trump said he was imposing revised tariffs of 125% on imports from China "effective immediately" because of "the lack of respect China has shown the World’s Markets."
In his social media post, Trump initially suggested that the 90-pause would apply to the more than 75 countries who had reached out to negotiate new trade deals with Washington since the 'Liberation Day' levies package was announced.
But the White House later clarified that the 90-day suspension would apply to most if not all countries and that a "universal 10% tariff" would apply in the meantime while trade negotiations take place.
Global markets surged following the news with the Dow Jones index jumping 2,000 points within minutes of the announcement.
Trump's latest raft of tariffs kicked in shortly after midnight and included 104% on products from China, 20% on the European Union, 24% on Japan and 25% on South Korea.
US administration officials had tried to reassure voters, Republican lawmakers and CEOs that the rates are negotiable, but also said that process could take months.
