U.S. President Donald Trump on Wednesday said he was issuing a 90-day pause on reciprocal tariffs for more than 75 countries that had reached out for negotiations. He also slapped China with a higher rate. 

"Based on the lack of respect that China has shown to the World’s Markets, I am hereby raising the Tariff charged to China by the United States of America to 125%, effective immediately," Trump said on his Truth Social service, owned by Trump Media & Technology Group (DJT).

The President also said that more than 75 countries had called U.S. federal agencies to negotiate on tariffs.

"These Countries have not, at my strong suggestion, retaliated in any way, shape, or form against the United States," Trump said.  

"I have authorized a 90 day PAUSE, and a substantially lowered Reciprocal Tariff during this period, of 10%, also effective immediately," he added.

As for China, the Asian nation earlier on Wednesday retaliated by raising its tariff rate on imports from the U.S. to 84%. The world's second-largest economy called the American trade barriers "a mistake on top of a mistake."  

Wall Street's three major averages (SP500)(DJI)(COMP:IND) spiked on his comments. Markets have been in turmoil since Trump's imposition of the steepest American trade barriers in over a century. 

Here are some exchange-traded funds that track the gauges: (NYSEARCA:DIA), (NYSEARCA:DDM), (NYSEARCA:UDOW), (NYSEARCA:DOG), (NYSEARCA:DXD), (NYSEARCA:SDOW), (NYSEARCA:SPY), (NYSEARCA:VOO), (NYSEARCA:IVV), (NYSEARCA:RSP), (NYSEARCA:SSO), (NYSEARCA:UPRO), (NYSEARCA:SH), (NYSEARCA:SDS), (NYSEARCA:SPXU), (NASDAQ:QQQ), (NYSEARCA:QLD), (NASDAQ:TQQQ), (NYSEARCA:QID), and (NASDAQ:SQQQ).

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