US President Donald Trump abruptly backed down Wednesday in his global trade war with a 90 day tariff pause for most countries -- but slapped even more levies against China in what has become a brutal duel between the world's two largest economies.

Following days of global market turmoil, Wall Street stocks surged in reaction to Trump's sudden announcement on his Truth Social network.

"I have authorized a 90 day PAUSE" on higher tariffs that took effect on Wednesday, Trump said, adding that he took the decision after more than 75 countries had reached out to negotiate and did not retaliate against the United States.

Only a flat rate of 10 percent tariffs on all countries that took effect on Saturday will remain in place. This marked a stunning reverse from often punishing levies that hit even many of the closest US allies.

But Trump accused China of still "ripping off" his country.

"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........

© International Business Times