Trump tariffs live updates: Trump lowers reciprocal tariffs for 90 days, except China

Trump announced “reciprocal” tariffs will have a lowered 10% rate for 90 days.

President Donald Trump’s severe tariffs against virtually all U.S. trading partners took effect on Wednesday at 12:01 a.m. ET. 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.

The president has claimed the tariffs will prompt countries to try to negotiate a deal with the U.S., boosting the economy, while the immediate fallout from his tariffs announcement has seen major losses in the stock market.

President Donald Trump has announced that countries subject to reciprocal tariffs will have a lowered 10% rate for 90 days, according to a new social media post.

This does not apply to China, which Trump says is now subject to a 125% tariff rate following their retaliatory tariff announced earlier Wednesday.

“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 wrote.

Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, April 9, 2025.

-ABC News’ Michelle Stoddart

Democratic Rep. Brad Schneider, at Wednesday’s Ways and Means Committee hearing with U.S. Trade Representative Jamieson Greer, slammed Trump’s tariffs as he cited reports of its impacts, including economists increasing their odds of a recession.

“I’m going to say what I think almost everyone is thinking. WTF. What’s the president thinking? What did he and you think was going to happen after unilaterally declaring a global trade war? Did you expect the so-called ‘Liberation Day’ to become liquidation week, destroying more than $10 trillion of value and moving us from an extended bull market into a self-induced bear?” Schneider said.

“Did you intentionally plan to decimate American’s retirement accounts and 529 accounts for their kids education? Did you and the president anticipate raising prices for American families already struggling to make ends meet? Did you mean to make American businesses less, not more competitive in global markets?” he continued.

1 hour and 24 minutes ago

Rep. Darin LaHood, an Illinois Republican, expressed concerns about the impact of President Donald Trump’s tariffs on farmers and the agriculture industry.

“As I talk to my farmers, there’s a lot of anxiety, a lot of stress, a lot of uncertainty because when we get into a trade war, usually the first pawn in the trade war is agriculture,” LaHood told U.S. Trade Representative Jamieson Greer. “And as we look at the timeline and chronology moving forward, Ambassador Greer, what would you tell my farmers in terms of that uncertainty and anxiety that they’re feeling right now?”

Greer did not answer directly, instead saying not all countries have said they will retaliate against the U.S.

-ABC News’ Fritz Farrow

1 hour and 26 minutes ago

U.S. Trade Representative Jamieson Greer confirmed on Wednesday that he is also serving as the acting head of the Office of the Special Counsel, an independent investigatory agency that is partly tasked with protecting whistleblowers.

Democratic Rep. Linda Sanchez pressed Greer during Wednesday’s Ways and Means Committee hearing on whether holding both roles represented a conflict of interest.

“Well, I certainly would recuse myself if there was an issue involving me or my agency,” Greer said.