President Donald Trump abruptly backed down on his tariffs on most nations for 90 days, but raised his tax rate on Chinese imports to 125% effective immediately Wednesday.

In a post on social media, Trump put the blame on China saying, “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.”

U.S. markets surged in response. Investors have been desperate for the president to ease up on his tariffs, which economists say could cause a global recession and increase inflation.

Giacomo Santangelo, senior lecturer of economics at Fordham University, joined “News All Day” on Wednesday to explain the latest on Trump’s tariffs.

Tap the video player above to watch the interview.