(The Lion) — President Donald Trump sent markets soaring on Wednesday when he announced a 90-day pause on tariffs for countries willing to negotiate.

The president also slapped China with an even higher tariff, 125%, after the communist country’s continued retaliation.

“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 wrote. “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.”

For the dozens of countries that have attempted to negotiate and refused to retaliate with tariffs of their own, Trump will pause the tariffs he previously imposed, and lowered the “reciprocal tariff” to 10%.

“Conversely, and based on the fact that more than 75 Countries have called Representatives of the United States, including the Departments of Commerce, Treasury, and the USTR, to negotiate a solution to the subjects being discussed relative to Trade, Trade Barriers, Tariffs, Currency Manipulation, and Non Monetary Tariffs, and that these Countries have not, at my strong suggestion, retaliated in any way, shape, or form against the United States, I have authorized a 90 day PAUSE, and a substantially lowered Reciprocal Tariff during this period, of 10%, also effective immediately. Thank you for your attention to this matter!”

The announcement sent the Dow Jones up over 7% for the day and the S&P 500 over 8% with 90 minutes left to closing.