VA Reaction To 90-Day Pause On Tariffs Amid Economic Turmoil

VIRGINIA — 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.

In a statement released shortly after Trump’s announcement, U.S. Rep. Don Beyer (D-VA) praised the move but urged the president to do more.

“It's good that Trump caved on some tariffs on our trading partners, but his universal 10% tariffs, trade wars with China and Canada, auto and other sector tariffs still threaten our economy. He should drop them too,” Beyer said. “The best time to stop punching yourself in the face is now.”

Other Virginia lawmakers also weighed in Wednesday, including Democratic Reps. Eugene Vindman and Gerry Connolly.

“Chaos, confusion, and carelessness, with the American people paying the price. The story of the Trump Administration, “Connolly said.

On the tariffs, Vindman said, “Republicans said they would lower costs — Trump tariffs are doing the exact opposite.”

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

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

Trump posted on Truth Social that because “more than 75 Countries” had reached out to the U.S. government for trade talks and have not retaliated in a meaningful way, “I have authorized a 90 day PAUSE, and a substantially lowered Reciprocal Tariff during this period, of 10%, also effective immediately.”

The 10% tariff was the baseline rate for most nations that went into effect on Saturday. It's meaningfully lower than the 20% tariff Trump had set for goods from the European Union, 24% on imports from Japan and 25% on products from South Korea.

Still, 10% would represent an increase in the tariffs previously charged by the U.S. government.

Import tariffs on goods from China, though, would surge to 125% “effective immediately,” Trump said on social media.

The S&P 500 was up 7.8% in afternoon trading after Trump's pause on tariffs was announced. It had been down earlier in the morning amid worries about Trump’s trade war and whether it would cause a recession, as economists fear. But it spiked immediately after Trump sent the social media posting that investors have been waiting for.

The Dow Jones Industrial Average was up 2,476 points, or 6.6%, as of 1:35 p.m. Eastern time, and the Nasdaq composite was 9% higher.

Investors have been desperate for Trump to ease up on his tariffs, which economists say could cause a global recession and increase inflation.

“Many of you in the media clearly missed the ‘Art of the Deal,’” White House press secretary Karoline Leavitt told reporters, in a nod to the Trump’s 1987 memoir and advice book.“You clearly failed to see what President Trump is doing here. You tried to say that the rest of the world would be moved closer to China, when in fact, we’ve seen the opposite effect — the entire world is calling the United States of America, not China, because they need our markets,” she added.

“He keeps changing things from day to day. His advisors are fighting among themselves, calling each other names, and you cannot run a country with such chaos,” said Senate Democratic Leader Chuck Schumer at a news conference that had originally been scheduled to call attention to the stock market plunge.

Schumer added that the danger from Trump’s tariffs had not passed and attributed his backing down to the reaction from across the country.“Donald Trump is feeling the heat from Democrats and across America about how bad these tariffs are,” Schumer said. “He is reeling, he is retreating, and that is a good thing.”

The whipsaw-like nature of Wednesday could be seen in the social media posts of Bill Ackman, a hedge fund billionaire and Trump supporter.“Our stock market is down,” Ackman posted on the social platform X. “Bond yields are up and the dollar is declining. These are not the markers of successful policy.”

Ackman repeated in the post his call for a 90-day pause. When Trump embraced that idea several hours later, an ebullient Ackman posted that Trump had “brilliantly executed” his plan and it was “Textbook, Art of the Deal,” a reference to Trump’s bestselling 1987 book.

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

See Also:

• 2 Men Killed In Fredericksburg Shooting IDed; 4 Suspects In Custody
• Frito-Lay Recalls Chips Sold In VA Over Undeclared Allergen
• Parents Of 3rd-Grader Who Brought Loaded Gun To School Arrested
• Former Nationals Player Killed In Dominican Roof Collapse