Besides a 10% rate globally, some countries billed as "worst offenders" have higher rates including 104% for China.

Some countries are promising swift countermeasures; others are asking for an opportunity to negotiate with the U.S. to avoid trade war.

After President Donald Trump's 90-day pause on most of his tariffs, the European Union announced they would also put a 90-day pause on its 25% reciprocal tariffs on the U.S. announced Wednesday morning that were set to start next week.

But the European Commission President warned: "If negotiations are not satisfactory, our countermeasures will kick in."

In a stunning reversal, U.S. President Donald Trump said he would temporarily lower the hefty duties he had just imposed on dozens of countries while further ramping up pressure on China, sending global stocks rocketing higher.

Oil prices retreated by more than 2% on Thursday as fears of a deepening U.S.-China trade war and a possible recession eclipsed earlier relief created by President Donald Trump's announcement of a 90-day pause on some tariffs against most countries.

The European Union (EU) is putting its retaliatory tariffs on hold for 90 days after President Trump instituted a pause on his sweeping duties for most U.S. trading partners, European Commission President Ursula von der Leyen unveiled early Thursday.

The UK's FTSE 100 is up 6%, but Donald Trump's universal 10% levy for all countries, except China, remains in place.