By Dan Mangan, Kevin Breuninger, Christina Wilkie, Megan Cassella, Jesse 0Pound, and Ruxandra Iordache
This article is being continually updated
What you need to know
- President Donald Trump dramatically reversed course, dropping his country-specific tariffs down to a universal 10% rate for all trade partners except China.
- China’s tariff rate will jump to 145%, a White House official confirmed to CNBC.
- White House economic advisor Kevin Hassett says there are trade deal offers from 15 countries.
- At a Cabinet meeting, Trump declined to rule out extending the 90-day tariff pause and said he hadn’t yet seen Tuesday’s market sell-off.
- Trump knew his tariffs might cause a recession, but his fear of a depression preceded his decision to pause the duties’ implementation for 90 days, the Wall Street Journal reported.
- Stock markets fell after a huge rebound Wednesday.
CNBC’s reporters are covering the tariffs and their effects, live on air and online from our bureaus in Washington; London; Singapore; San Francisco; and Englewood Cliffs, New Jersey.
Continue reading:
Trump is declining to rule out the possibility of extending the 90-day pause he placed on his “reciprocal” tariffs yesterday.
Trump tells a reporter in a Cabinet meeting that if he can’t reach the deals he wants with U.S trading partners, then tariffs will revert to their higher rates once the pause expires.
“That’s what would happen,” he says. “It’s just got to be good for both parties.”
But when asked if that means he would not extend the pause, Trump says, “We’ll have to see what happens.”
— Kevin Breuninger
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