Global Markets Surge Amid Tariff Turbulence

Asian and European stocks soared on Thursday following a 90-day pause on most new U.S. tariffs, excluding China. The dollar faltered, and U.S. stock futures dipped, indicating investor uncertainty. Wall Street saw significant gains, but the U.S. increased tariffs on China, heightening tensions. Vietnam seeks a trade pact with the U.S.

Global markets experienced significant movements on Thursday as Asian stocks and European futures surged in response to a temporary 90-day suspension of most new U.S. tariffs, though China remained excluded from this reprieve. The announcement indicated continuing unease among investors, as highlighted by the retreat of the dollar against the yen and Swiss franc, along with a dip in U.S. stock futures following earlier advances.

Wall Street marked its largest daily gains in over a decade, spurred by news of U.S. President Donald Trump's tariff reversal, though heightened tensions with China remain. The U.S. escalated tariffs on Chinese imports to 125%, following duties of 104% implemented just the previous day. Consequently, China retaliated with increased duties on American goods and imposed business restrictions.

As these developments unfolded, Vietnam made strides in trade discussions with the U.S., potentially benefiting from supply chain diversification away from China. Meanwhile, Chinese stock markets rallied, bolstered by Beijing's economic support, even as the yuan hit a 17-year low. Market watchers also observed stabilization in the bond market following a recent selloff, with eyes on upcoming U.S. inflation data, expected to be less impactful amid ongoing trade tensions.

(With inputs from agencies.)