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

Trump's punishing tariffs have shaken a global trading order that has persisted for decades, raised fears of recession and driven worldwide stocks sharply downward. The S&P closed below 5,000 for the first time in nearly a year on Tuesday and is nearing a bear market,

From the daily newsletter: how turbulence in the bond market likely inspired the Administration’s change of course.

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.

Chinese exporters scrambled to respond to crushing US tariffs by hiking prices, cancelling shipments and rerouting goods to other countries, as the world’s two biggest economies brace for economic divorce.

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.