Trump announced that he authorized a 90 day pause on the lofty tariffs and a “substantially lowered reciprocal tariff during this period, of 10%, also effective immediately” in a post on Truth Social Wednesday afternoon, ending days of speculation around whether or not the tariffs would actually go into effect or were negotiable.

The Trump administration took that formula’s figure, -0.5 for South Korea, and divided it by two to calculate the U.S. “discounted reciprocal” tariff rate. So, while South Korea imposes an effective tariff rate of .79 percent on U.S. goods, the reciprocal tariff rate the U.S. is imposing on South Korea is 25 percent.

President Donald Trump is scheduled to announce significant tariffs on other countries in a speech Wednesday afternoon at the White House.

U.S. President Donald Trump said on Tuesday the United States is taking in $2 billion per day from tariffs. He made the comment without providing details during an event at the White House. Trump has imposed an array of tariffs on other countries since taking office in January.

Leavitt confirmed that 104% tariffs will begin at 00:01 local time (05:01 BST) on Wednesday, after China refused to withdraw its retaliatory tariffs against America. She added that Trump believes China wants to make a deal.

White House press secretary Karoline Leavitt’s spin on President Donald Trump ’s decision to pause/reverse his controversial tariffs drew mockery on social media. Leavitt chided reporters on Wednesday when she appeared to argue that Trump’s decision to roll back most of the tariffs he announced last week — following days of sliding stock markets,