Hello and welcome to NewsHour. It's coming to you live from the BBC World Service

Studios in central London. I'm Tim Franks. And breathe. After the hyperventilating uncertainty of last

week of the last weeks, I should say, today we have still a fair bit of uncertainty,

but also a feeling that thanks to Donald Trump pressing pause on a great swath of his tariffs,

that governments, companies, and of course all of us, have a bit of time to gather ourselves.

So, just to give the briefest of summaries, after stock markets around the

world had tanked, after the US bond market had very unusually started to head south,

President Trump said he was suspending, with one huge exception, notably China. He was suspending

for 90 days higher tariffs on imports into the United States. They'll still be very broadly

speaking, a universal 10% import tax for all countries. The European Union has paused its own

planned retaliation against the US. Our economics correspondent Andy Verity is here in the

news air studio with me. Andy, financial markets have bounced back or just bounced?

Well, they certainly bounced back overnight,

and we saw one of the biggest relief rallies, as they call it, that we've ever seen,

or certainly in the last few decades.

But that sort of burst of euphoria has flipped back quite recently.

If you look at what the traders of futures that bet on the movements of the stock indexes like the Dow Jones

or the NASDAQ or the S&P 500, they're all betting that the markets after they open are going

to be down to perhaps 3%. Because of ongoing concerns, we had really the panic of Trump doubling

down on his trade war tariffs over the last few days.

Now we have the relief of a pause, but you still have that underlying, ongoing anxiety about what it's going to mean.

It's only 90 days. What then?

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