Facing a global market meltdown, President Donald Trump on Wednesday abruptly backed down on his tariffs on most nations for 90 days, but raised his tax rate on Chinese imports to 125%.It was seemingly an attempt to narrow what had been an unprecedented trade war between the U.

In a dramatic shift, the US president paused his reciprocal tariffs on most countries, maintaining a 10% tariff on nearly all global imports while raising the tariff on Chinese goods to 125%. Global markets surged on the development.

President Donald Trump is set to impose an astounding 104% in levies across all Chinese imports on Wednesday. Follow live news updates as countries and the stock market react to Trump’s tariff moves.