President Donald Trump's decision to pause so-called "reciprocal tariffs" for most countries triggered a historic stock market rally on Wednesday, but the levies that remain in place are still expected to hike prices and put the U.S. at risk of a recession, experts told ABC News.

U.S. President Donald Trump's stunning decision to pause the hefty duties he had just imposed on dozens of countries sent battered global stock markets surging on Thursday even as he ratcheted up a trade war with the world's No.

The murmurs spread quietly at first, then exploded into a roar as the news hit — President Donald Trump was pausing the bulk of his tariffs and putting his global trade war on hold. Mostly.

US President Donald Trump's political allies reacted with relief after Wednesday's U-turn on tariffs, insisting it was part of a wider plan. Trump backed off imposing worldwide higher-rate tariffs, or taxes on imports.

Treasury Secretary Scott Bessent helped persuade the president to take some time and negotiate with trading partners in the face of pressure from business leaders.

Wall Street surged after U.S. President Donald Trump announced a 90-day pause in tariffs unveiled last week that roiled markets and erased trillions of dollars from global stock markets.

The dollar fell across the board on Thursday, losing ground particularly against safe havens but also more risk sensitive currencies, as traders tried to assess where they stood after Wednesday's dramatic tariff announcement.

Trump hikes China tariffs to 125% while cutting others

America’s trading partners around the globe reacted with a mixture of relief and bewilderment to President Donald Trump’s eleventh-hour decision to pause some of his most aggressive tariffs.

President Donald Trump on Wednesday urged calm as global markets continue to be upended by his wide-reaching trade war. "BE COOL! Everything is going to work out well," Trump on Truth Social minutes after the New York York Stock Exchange opened.

Trump’s post on Truth Social advising people to “buy” before his market-moving tariff announcement has Democrats calling it a “market manipulation scheme.”

As his global trade war spun further worldwide chaos on Wednesday, with China and the European Union hitting back and the financial fallout spreading to bond markets, President Donald Trump showed no signs of pulling back.

Trump's turnabout, which came less than 24 hours after steep new tariffs kicked in on most trading partners, followed the most intense episode of financial market volatility since the early days of the COVID-19 pandemic.

As markets tumble and fears grow over a global trade war in response to President Trump's tariffs, he has advised Americans to "be strong" and "hang tough."

U.S. stock and bond markets swung to gains Wednesday on President Donald Trump’s pause on some tariffs for many countries — but a global trade war still has investors on edge.

Stocks eye another volatile session, despite inflation easing in March, after monster gains Wednesday following President Trump’s tariff fast switch which sent U.S. equities to best one-day performance in more than five years with the Dow Jones Industrial Average gaining 2,

Democrats are seizing on the volatility of President Donald Trump’s trade policies. In a speech Thursday on the Senate floor, Senate Minority Leader Charles E. Schumer (D-New York) took aim at Trump for a “week of self-made chaos,

In a dramatic move Wednesday, Trump authorized a 90-day pause in the higher tariffs for most countries he announced last week while maintaining a 10% universal tariff.

A little-known insurance product is gaining traction in Canada as exporters seek to guard against losses and bankruptcies of their suppliers and customers due to U.S. President Donald Trump's tariffs,

The announcement of Donald Trump's so-called "reciprocal tariffs" on 2 April - what he called "liberation day" - sent a shockwave through the global trading system and financial markets. And the President's 90-day pause on some of these tariffs on 9 April set off a relief rally in stock markets.

The president is expected to impose tariffs on pharmaceuticals, though full details of the plan have not yet been announced.

President Donald Trump's pause on some of his new import taxes may have eased some of the stress building in financial markets for now, but leaves in place the same set of circumstances that had reset the U.

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Most Republicans welcomed the unexpected three-month pause on several of President Trump’s tariffs, but some want more clarity about the president’s end game and more power for Congress over trade.