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"Historical comparisons show that recessions are usually associated with larger equity drawdowns than we have seen," Goldman Sachs said.

Global shares surged and a manic bond selloff stabilised on Thursday after U.S. President Donald Trump said he would temporarily lower the hefty duties he had just imposed on dozens of countries. However, the sharp overnight rally in U.S. stocks and the dollar lost steam as a trade war between the United States and China ratcheted up, with investors also perplexed over the flip-flopping of the Trump administration's tariff plans. Following a days-long market rout that erased trillions of dollars from global stocks and jolted U.S. Treasury bonds and the dollar, Trump on Wednesday announced a 90-day pause on many of his new tariffs in a shock reversal.

World markets soared on Thursday, with Japan’s benchmark jumping more than 9%, as investors welcomed U.S. President Donald Trump’s decision to put his sharp tariff hikes on hold for 90 days, though he excluded China from the reprieve. Chinese shares saw more moderate gains, given yet another jump in the tariffs each side is imposing on each others’ exports.

With China tariffs increased to 125% but other tariffs on pause, there is a treasure trove of open questions for investors and CEOs to contend with.

“I guess they say it was the biggest day in financial history,” President Donald Trump told reporters Wednesday afternoon. Later, in an apparent hot-mic moment, he told a fawning senator that the market was up almost seven percentage points. “Nobody’s ever heard of it. It’s gonna be a record.”

US stocks were traded on both sides of the flat line in another volatile session as Wall Street girded for President Trump's massive tariffs.

Donald Trump shocked Wall Street with his surprisingly strong stomach for the stock market plunge that his tariffs precipitated.

President Donald Trump delivered another jarring reversal in American trade policy Wednesday, suspending for 90 days import taxes he’d imposed barely 13 hours earlier on dozens of countries while escalating his trade war with China. The moves triggered a powerful stock market rally on Wall Street but left businesses, investors and America’s trading partners bewildered about what the president is attempting to achieve. The U-turn came after the sweeping global tariffs Trump announced last week set off a four-day route in global financial markets, paralyzed businesses and raised fears the U.S. and world economies would tumble into recession.

The major indexes staged a historic rally as President Trump paused many of his largest tariff hikes on trading partners

An alarming spike in 10-year Treasury yields finally persuaded Trump to act on tariffs.