In a dramatic move Wednesday, President Donald Trump says he has authorized a 90-day pause in the higher tariffs for most countries he announced last week — while maintaining a 10% baseline tariff across the board.
Treasury Secretary Scott Bessent told reporters, "It took great courage, great courage for him to stay the course until this moment," reiterating what he mentioned a week ago, "do not retaliate, and you will be rewarded."
The pause would not apply to China — on which Trump said he was raising the U.S. tariff to 125% because, unlike other countries, Bessent said, it was unwilling to make a deal.