The president, of his own doing, had single-handedly pushed the global economy to the brink of chaos with new tariffs. The stock market cratered, businesses tore up their plans and foreign leaders prepared for a future without the world's richest nation at the center of international trade.

Trump's punishing tariffs have shaken a global trading order that has persisted for decades and raised fears of a recession.

Stock markets jumped and Treasury yields dropped after President Trump’s announcement of a 90-day pause on higher-targeted tariffs for most countries, even as he doubled down on China.