Trump will explain tariffs on electronics on Monday

Treasury Secretary Scott Bessent and White House press secretary Karoline Leavitt took some reporter questions outside the White House shortly after President Donald Trump announced a pause on some tariffs for countries except China.

"The 90-day pause on the reciprocal tariffs, is that because of the whiplash that we've been seeing across the financial markets? How much was what we saw in the stock markets a part of this decision?" a reporter asked.

"No," Bessent replied, "it's because of the large number of inbounds -- we've had more than 75 countries contact us, and I imagine after today, there will be more."

President Donald Trump announced on his social media platform that he authorized a pause on most of the higher tariff rates he unveiled last week for 90 days.

"There will be a 90-day pause on the reciprocal tariffs as these negotiations are ongoing, and the tariff level will be brought down to a universal 10% tariff," White House press secretary Karoline Leavitt told reporters after Trump's post.

This does not apply to China, which Trump says is now subject to a 125% tariff rate following their retaliatory tariff announced earlier Wednesday.

"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.

-ABC News' Michelle Stoddart

Democratic Rep. Brad Schneider, at Wednesday's Ways and Means Committee hearing with U.S. Trade Representative Jamieson Greer, slammed Trump's tariffs as he cited reports of its impacts, including economists increasing their odds of a recession.

"I'm going to say what I think almost everyone is thinking. WTF. What's the president thinking? What did he and you think was going to happen after unilaterally declaring a global trade war? Did you expect the so-called 'Liberation Day' to become liquidation week, destroying more than $10 trillion of value and moving us from an extended bull market into a self-induced bear?" Schneider said.

"Did you intentionally plan to decimate American's retirement accounts and 529 accounts for their kids education? Did you and the president anticipate raising prices for American families already struggling to make ends meet? Did you mean to make American businesses less, not more competitive in global markets?" he continued.

Rep. Darin LaHood, an Illinois Republican, expressed concerns about the impact of President Donald Trump's tariffs on farmers and the agriculture industry.

"As I talk to my farmers, there's a lot of anxiety, a lot of stress, a lot of uncertainty because when we get into a trade war, usually the first pawn in the trade war is agriculture," LaHood told U.S. Trade Representative Jamieson Greer. "And as we look at the timeline and chronology moving forward, Ambassador Greer, what would you tell my farmers in terms of that uncertainty and anxiety that they're feeling right now?"

Greer did not answer directly, instead saying not all countries have said they will retaliate against the U.S.

-ABC News' Fritz Farrow