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After President Donald Trump announced Wednesday his administration would be raising tariffs on China to 125%, Treasury Secretary Scott Bessent accused China of escalating trade tensions and issued a warning to countries considering retaliation.
What to Know
- Facing a global market meltdown, President Donald Trump on Wednesday abruptly backed down on his tariffs for most nations for 90 days — but raised his tax rate on Chinese imports to 125%.
- U.S. markets surged in response to the reversal. The S&P 500 soared 9.5% for its biggest one-day gain since 2008.
- Beijing said it was hiking retaliatory duties on U.S. imports to 84% from 34% hours after Trump's sweeping global tariffs went into effect, which at that point included a total of 104% on goods from China.
This live blog on the Trump administration for Wednesday, April 9, 2025, has ended. See more coverage here.
