U.S. President Donald Trump's about-face on sweeping import tariffs did little to soothe companies' worries about the fallout from his trade war and its chaotic implementation: soaring costs, falling orders and snarled supply chains.
In a stunning reversal, the president said on Wednesday he would temporarily lower the hefty tariffs he had just imposed on dozens of countries, though he also hiked duties for China and kept 25% tariffs levied on aluminum, steel and autos in place.
The news sent global stocks soaring on Wednesday after an intense bout of volatility that wiped trillions of dollars off equity markets. Investors hope there will now be time for negotiations to avert a full-blown global trade war, but warn that economic outlook is still cloudy.
With your current subscription plan you can comment on stories. However, before writing your first comment, please create a display name in the Profile section of your subscriber account page.