Trump announces pause on higher tariffs on dozens of countries

U.S. President Donald Trump announced that he had authorized a 90-day pause to the imposition of the highest tariffs on dozens of countries, at the same time that he imposed a hike in tariffs on Chinese products to 125%.

In a message on his social network Truth Social, Trump reported that he had reduced the tariffs he announced last week to one of 10% universal for all countries. This will not affect Mexico and Canada, which had previously been exempted from the “reciprocal” levies announced by the U.S. president.

On the other hand, the tariffs on automobiles, steel and aluminum announced by the president a few weeks ago, which do affect Mexican and U.S. products, remain in place.

After Trump's announcement, Wall Street registered historic increases, with the S&P 500 index closing with a 9.5% increase, the Dow Jones 7.8% and the Nasdaq 12.1%.

The imposition of the tariffs last week had in recent days sent global stock markets plunging, the price of the dollar falling and triggered a massive sell-off in U.S. bonds, complicating the government's debt financing.

Trump said in his message that his decision to pause the imposition of tariffs was thanks to the fact that representatives of 75 nations had communicated with his government to negotiate a solution to the issues being discussed in reference to trade, trade barriers, tariffs, currency manipulation and non-monetary tariffs.