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, well, 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 swathe 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 NewsHour 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 indices like the Dow Jones or the Nasdaq or the S&P 500,