United States President Donald Trump announced a 90-day delay on Wednesday (May 9, 2025) local time to implement high tariffs on dozens of countries. This surprising decision came less than 24 hours after the tariffs took effect, following significant financial market turmoil. However, a major exception was made for China, where import tariffs were raised from 104% to 125%.

The postponement was triggered by sharp market volatility, the worst since the start of the Covid-19 pandemic. Trump indicated he was aware of the negative market reaction to the tariff policy. The suspension was intended to give US officials time to negotiate with trading partners seeking tariff relief.

Despite the delay for many countries, pressure on China has been increased. The tariff increase to 125% further escalates the trade war between the world's two largest economies. The White House emphasized that the 10% general tariff on most imports and the specific tariffs already in place on autos, steel, and aluminum are not affected by the delay.

The US stock market responded positively to the news, with the S&P 500 index closing sharply higher by 9.5%. However, analysts warned that the negative impact of tariff uncertainty on business investment and consumer spending may already be present. Goldman Sachs lowered its estimate for the probability of a US recession to 45%, but noted that the remaining tariffs would still depress economic growth.

US Treasury Secretary Scott Bessent stated that Trump's move was part of a deliberate negotiating strategy, potentially seeking to pressure China while rewarding countries that do not retaliate. He added that future negotiations would cover a broader range of issues, including foreign aid and military cooperation. Trump stated that the current priority is negotiating with the more than 75 countries that have contacted the US, although a settlement with China is still considered a possibility at a later date.

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