US President Donald Trump said he was raising tariffs on China to 125%. Trump announced a 90-day "pause" on reciprocal tariffs for everyone except China, AFP reports.

"Based on the lack of respect that China has shown for world markets, I am hereby raising the tariffs charged to China by the United States of America to 125%, effective immediately," Trump wrote on the social network Truth.

Stating that more than 75 countries have requested negotiations on the tariffs, the US president said it "authorizes a 90-day PAUSE and a significantly reduced reciprocal tariff during that period, at 10%, also effective immediately."

Stocks on Wall Street rose suddenly after Trump announced a 90-day pause on tariffs for all countries except China.

The S&P 500 rose 6.0% to 5,281.44 points, snapping a brutal losing streak since Trump announced the tariffs on “Emancipation Day” a week ago.

The news comes after Trump earlier on April 9 raised tariffs on Chinese imports to 104% and Beijing in turn retaliated by raising tariffs on US goods to 84%. | BGNES