President Donald Trump is pausing reciprocal tariffs on most countries other than China for 90 days, instead implementing a base tariff of 10 percent on most goods.
The pause does not extend to the 25 percent auto tariffs Trump put into place April 3 or to other sectoral tariffs such as on steel and aluminum, Treasury Secretary Scott Bessent said during an April 9 news conference at the White House.
The move represents an about-face by the Trump administration, which implemented reciprocal duties on countries earlier in the day April 9. Those reciprocal duties will no longer apply and will be replaced by a 10 percent levy for 90 days while the White House negotiates with other nations on trade, Bessent said.
The reciprocal tariffs do not apply to vehicles and parts subject to the auto tariff, nor do they apply to steel and aluminum imports.
The tariff pause does not apply to imports from China. Trump said he would raise tariffs on Chinese goods to 125 percent after it retaliated against his latest round of levies.
Markets surged on the news of the pause. The S&P 500 was up around 7.5 percent at 2 p.m. EDT.