Trump Announces 90-Day Pause On Tariffs: MA Leaders React

MASSACHUSETTS - President Donald Trump on Wednesday abruptly backed down on his tariffs on most nations, announcing a 90 day pause for all trading partners except for China, for which he raised the rate to 125 percent.

Global markets surged on the development, but the precise details of Trump's plans to ease tariffs on non-China trade partners were not immediately clear. It was seemingly an attempt to narrow what had been an unprecedented trade war between the U.S. and most of the world to one between the U.S. and China.

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Just five hours ago on CNBC, Massachusetts Senator Elizabeth Warren said the tariffs were imposing enormous damage on the country.

"By putting across-the-board tariffs with virtually every nation, on virtually every product, with no planning and no rhyme or reason to the numbers, is just creating economic chaos," Warren said on CNBC's program "Squawk Box."

Trump announced the sweeping new tariffs last week, including a 10 percent tax on imports from all countries and higher tariff rates on dozens more.

The announcement prompted financial turmoil, with business executives warning of a potential recession and big declines in the stock market.

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The Associated Press contributed reporting. This is a developing story and will be updated.