US President Donald Trump has announced a 90-day pause on new tariffs for all countries, except China, aiming to foster negotiations with over 75 nations that have sought to avoid punitive trade measures.

Among them is a hefty 104% tariff rate on China. Trump has described the tariffs as "reciprocal," saying the steep toll will correct a grievance he's held for "35 years:" that the U.S. is being "ripped off" by trade imbalances.

With European Union lawmakers set to vote Wednesday on tariffs to counter the Trump administration’s steel and aluminum duties, the bloc is united in favor of negotiating while remaining ready to strike back,

Trump's punishing tariffs have shaken a global trading order that has persisted for decades, raised fears of recession and driven worldwide stocks sharply downward. The S&P closed below 5,000 for the first time in nearly a year on Tuesday and is nearing a bear market,

President Donald Trump defends his reciprocal tariffs plan as an 'America first' move. ©2025 FOX News Network, LLC. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

President Donald Trump’s unprecedented tariffs on global imports into the United States take effect Wednesday.

China will impose 84% tariffs on U.S. goods from Thursday, up from the 34% previously announced, its finance ministry said on Wednesday, firing the latest salvo in a global trade war sparked by U.S. President Donald Trump.

U.S. Trade Representative Jamieson Greer addressed the Senate Finance Committee a day after global markets swung wildly and some business leaders lambasted the president's aggressive bid to raise tariffs on almost every nation on earth.

Business leaders are speaking out against President Trump's trade war. Axios economic reporter Courtenay Brown joins Ana Cabrera to share more on the reactions and the political impact it may have on Trump.