Facing a global market meltdown, 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%. 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. Imports tariffs on goods from China, though, would surge to 125% “effective immediately” Trump said on social media. More local videos here: https://youtube.com/@9news Subscribe to NEXT: https://youtube.com/@Nexton9NEWS Stay connected: 9NEWS Website: http://www.9news.com/ Facebook: https://www.facebook.com/ilike9news Twitter: https://twitter.com/9NEWS Instagram: https://www.instagram.com/9newsdenver/ Download the 9NEWS App: https://www.9news.com/appredirect/ Sign up for the 9NEWSLETTER: https://www.9news.com/email 9NEWS (KUSA) is located in Denver, Colorado.