President Donald Trump on Wednesday announced a 90-day pause on tariffs on dozens of countries, but also increased the tariff on China to 125%. 

"I have authorized a 90-day PAUSE, and a substantially lowered Reciprocal Tariff during this period, of 10%, also effective immediately," Trump said in a social media post. 

After the Truth Social post, financial markets almost immediately posted gains, after days of sharp losses since Trump announced the tariffs last week. 

“President Trump cares about trade, and we want to negotiate in good faith,” Treasury Secretary Scott Bessent said outside the White House, at an unscheduled press conference after the president's announcement. 

Trump also wrote in the post: "Based on the lack of respect that China has shown to the World’s Markets, I am hereby raising the Tariff charged to China by the United States of America to 125%, effective immediately."

Trump says he made the decision to pause tariffs after more than 75 countries have called to "negotiate a solution."