Markets surge as Trump orders 90-day tariff pause — except for China

President Donald Trump sent markets surging Wednesday when he announced he would implement a 90-day pause in most of the tariffs he had planned to implement.

In a Truth Social post, Trump ramped up his pressure on China by announcing that he was going to raise tariffs on that nation to 125 percent.

However, he also backed off plans to slap tariffs on nearly every other nation in the world.

ALSO READ: 'Came as a surprise to me': Senators 'troubled' by one aspect of government funding bill

"Based on the fact that more than 75 Countries have called Representatives of the United States, including the Departments of Commerce, Treasury, and the USTR, to negotiate a solution to the subjects being discussed relative to Trade, Trade Barriers, Tariffs, Currency Manipulation, and Non Monetary Tariffs, 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, and a substantially lowered Reciprocal Tariff during this period, of 10%, also effective immediately," Trump wrote. "Thank you for your attention to this matter!"

The pause in the tariffs has come as Trump has faced increased pressure after his "Liberation Day" announcement from last week sent markets spiraling downward and led to many investment banks to raise the odds of a recession this year.