New Delhi, April 10 -- Facing a global market meltdown and a strong retaliation from China, US President Donald Trump on Wednesday abruptly backed down on his tariffs on most nations for 90 days, but raised his tax rate on Chinese imports to 125%.

In a post on Truth Social, his own social platform, Trump said he had "authorized a 90-day pause, and a substantially lowered reciprocal tariff during this period, of 10%, also effective immediately."

Treasury secretary Scott Bessent told reporters that Trump was pausing his so-called 'reciprocal' tariffs on most of the country's biggest trading partners, but maintaining his 10% tariff on nearly all global imports.

He said the pause would apply to 75 countries that had opened negotiations wit...