President Trump: The tariff rate on goods imported from China will be increased to 125%.

On Wednesday, Donald Trump announced that he was suddenly retracting the tariffs he imposed on most countries for a period of 90 days, excluding China, while China announced that it would raise its retaliatory tariff on the U.S. to 84%, effective Thursday.

U.S. President Donald Trump stated that he would increase the tariff rate on Chinese goods imported to the U.S. to 125%. In a message shared on the social media platform Truth Social, Trump mentioned that the new higher tariff rate would "take effect immediately" and that these rates were implemented due to "China's disrespect for global markets." Early Wednesday, China had announced that it would raise its retaliatory tariff on the U.S. to 84%, effective Thursday. This came after Beijing pledged to "fight to the end" against Trump's tariffs and argued that trade between the two countries was balanced with the implementation of a 104% tax on U.S. exports.

On Wednesday, President Donald Trump suddenly withdrew the tariffs he had imposed on most countries for a period of 90 days. However, the precise details of Trump's plans to ease tariffs on trade partners outside of China were not immediately clear. Following President Trump's announcement of a 90-day hiatus on tariffs, stocks surged, pushing the Dow Jones Industrial Average up by 1,800 points. Our reporters are working on this story and will update it as more information becomes available.