United States President Donald Trump has issued a 90-day pause for “reciprocal tariffs,” and lowered the tariff rate to 10% on countries that do not retaliate with counter-tariffs.

However, the President also said he would increase the reciprocal tariff rate on China to 125% due to the country’s counter-tariffs against the US. Trump wrote in an April 9 Truth Social post:

“At some point, hopefully, in the near future, China will realize that the days of ripping off the USA and other countries is no longer sustainable or acceptable.”

According to data from TradingView, the S&P 500 index rallied by close to 7% and the Nasdaq is up roughly 8% following the announcement, showcasing the high volatility of capital markets amid the macroeconomic uncertainty and the potential for a protracted trade conflict.

Source: Donald J. Trump

Related: Bitcoin has ‘fully decoupled’ despite tariff turmoil, says Adam Back

This is a developing story, and further information will be added as it becomes available.