President Donald Trump announced he would be issuing a 90-day pause on tariffs on non retaliating countries, while also upping tariffs on China to 125%.

Trump, in a post on Truth Social, said the pause would lower tariff rates to 10%, the baseline that went into effect on Saturday, and would be issued to countries not retaliating on his initial tariff plan. Stocks on Wall Street skyrocketed shortly after Trump’s post announcing the pause.

“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. At some point, hopefully in the near future, China will realize that the days of ripping off the U.S.A., and other Countries, is no longer sustainable or acceptable,” Trump wrote.

“Conversely, and based on the fact that more than 75 Countries have called Representatives of the United States, including the Departments of Commerce, Treasury, and the USTR, to negotiate a solution to the subjects being discussed relative to Trade, Trade Barriers, Tariffs, Currency Manipulation, and Non Monetary Tariffs, and that these Countries have not, at my strong suggestion, retaliated in any way, shape, or form against the United States, I have authorized a 90 day PAUSE, and a substantially lowered Reciprocal Tariff during this period, of 10%, also effective immediately. Thank you for your attention to this matter!” Trump continued.

This is a breaking story and will be updated.