Live updates: Trump issues 90-day tariff pause; House sets up final vote on budget plan

President Trump on Wednesday announced a 90-day pause and lowered reciprocal taxes on U.S. trading partners that have not retaliated against the country over its new tariffs, but increased China’s tariff level to 125 percent.

“At some point, hopefully in the near future, China will realize that the days of ripping off the U.S.A., and other Countries, is no longer sustainable or acceptable,” Trump wrote on Truth Social Wednesday afternoon, adding that over 75 countries have sought to negotiate with the White House.

China announced new 50 percent tariffs on U.S. exports after Trump’s sweeping reciprocal tariffs on U.S. trading partners took effect overnight. The European Union also hit back with 25 percent levies on the U.S.

The president’s move comes as the trade war spurred by his aggressive tariff agenda has shown no signs of slowing down as markets reel from a rough couple of days. Immediately after Trump’s Wednesday announcement walking back the tariffs on some countries, markets jumped.

On Capitol Hill, Trump’s top trade adviser, Jamieson Greer, testified before the House Ways and Means Committee after both sides of the aisle in the upper chamber pressed him over the administration’s tariff agenda Tuesday.

House Speaker Mike Johnson (R-La.) is also charging forward in an effort to bring the Senate-crafted budget resolution, which the House rules committee voted to advance midday Wednesday, to the floor. 

But this may be easier said than done, as some in the GOP conference are digging their heels in over concerns about the level of spending cuts. The final vote is slated to take place at 5:30 p.m.

Read below for all the latest news.