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Donald Trump announced he would pause reciprocal tariffs for 90 days on countries

that did not retaliate against his levies, but maintained a 10% universal tariff.

The President raised tariffs on China, however, to 125% after China earlier increased its levies

on American goods from 34% to 84%.

Before Mr Trump's reversal, EU members approved tariffs on some 21 billion euros or

$23.2 billion of American goods in response to America's 25% levies on steel and aluminum.

Stocks rallied on the news.

The NASDAG was up 12.2% when markets closed on Wednesday and the SMP 500 climbed 9.5%.

The index's largest daily gains since 2001 and 2008 respectively.

The Dow Jones climbed by around 2,960 points, or 7.9%.

Bond yields, which surged after the tariffs came into effect, eased.

The yield on 10-year treasuries fell to around 4.3%.

Germany's centre-right Christian Democratic bloc agreed a coalition deal with the centre-left social

democrats.

Friedrich Meertz will become Chancellor, having led his Christian Democratic Union to an election

...