Trump tariff news live: EU pauses counter-duties on US for 90 days

Real-time Trump tariff news: After his reciprocal tariffs sparked a global trade war with tensions rising daily, US President Donald Trump proposed late Wednesday a 90-day tariff respite for the majority of countries. Trump, however, stated that despite the pause, China will not be immune from the penalties.

Trump increased the tariff rate for China from the previously stated 104% tax that had gone into effect earlier on Wednesday to 125%, which is effective immediately. This followed China's imposition of an 84% tax on American goods starting Thursday, which was an additional import levy.

In a post on Truth Social, the US president accused China of showing "lack of respect" by stating that he was halting his "reciprocal tariffs" on numerous other trading partners because they had replied by requesting negotiations instead of retaliating. In the meantime, US equities surged to one of their largest gains since World War II as a result of the 90-day freeze on Trump tariffs. The Dow Jones Industrial Average surged almost 3,000 points, the Nasdaq composite increased 12.2%, and the S&P 500 jumped 9.5%.