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U.S. Treasury Secretary Scott Bessent announced a 90-day pause on tariffs on Wednesday saying they’re dealing with a “processing problem.”

“We’ve had more than 75 countries contact us… It is going to take some time and President Trump wants to be personally involved so that’s why we’re giving the 90 day pause,” Bessent said.

“As I told everyone… do not retaliate and you will be rewarded,” Bessent said. “Every country in the world that wants to come and negotiate, we are willing to hear you, we are going to go down to a 10 per cent baseline tariff.”

The treasury secretary also said tariffs on China “will be raised to 125 (per cent) due to their insistence on escalation.”

Bessent added that “President Trump has created this “negotiating leverage.”

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