United States President Donald Trump announced a 90-day pause on reciprocal tariffs for most countries that have not retaliated against the U.S., following outreach from more than 75 nations seeking negotiations. In a post on Truth Social, Trump stated that the temporary suspension would reduce tariffs on these countries to a baseline of 10% with immediate effect.

“Based on the fact that more than 75 Countries have called Representatives of the United States ... and that these Countries have not, at my strong suggestion, retaliated in any way, shape, or form against the United States, I have authorized a 90 day PAUSE,” Trump wrote.

However, the tariff relief does not apply universally. According to a White House official cited by CBC News, both Canada and Mexico are excluded from the 90-day global pause. Although earlier statements from Treasury Secretary Scott Bessent suggested they were included, the clarification emphasized that while both countries remain subject to a 25% tariff on non-USMCA trade, they will not be subjected to the new 10% rate.

Trump also announced a fresh increase in tariffs on China, citing retaliatory actions by Beijing earlier in the day. The decision marks a hardening stance against China even as other trade relationships are being temporarily eased.

The financial markets responded swiftly to the news. Wall Street, which had previously been hit hard by the tariff announcements made on April 2, rebounded dramatically. The Dow Jones Industrial Average surged more than 3,000 points at its session peak, while the Nasdaq 100 soared by 12%.

Trump admitted he “didn’t expect” such a significant impact on the markets, noting that the decision had been in consideration “for some time” and was written “from the heart,” without legal counsel involved.

Billionaire investor Bill Ackman praised the decision, calling it “brilliant” and thanking the president “on behalf of all Americans.” In a post on X, Ackman emphasized the urgency for China to negotiate, warning that delays in reaching a deal could worsen outcomes for Beijing. “Every US company that sources products in China is in the process of finding alternative suppliers... Once moved, they are sticky,” Ackman wrote.

As the 90-day window begins, global markets, trade partners, and policymakers will be closely watching the next moves from Washington and Beijing, with high stakes for the global economy and supply chains.