KEY TAKEAWAYS Asian and European stock indexes are rallying after President Donald Trump said he would pause "reciprocal" tariffs for 90 days for all trading partners except China.U.S. stock futures are pulling back after soaring yesterday on the news.

European stock futures rallied after US President Donald Trump paused plans to implement higher reciprocal tariffs on dozens of trade partners, easing concerns about a widening trade war.

European equities' impressive start to 2025 has been obliterated in three sessions of heavy selling, while executives tot up the potential impact of U.S. tariffs on supply chains, possibly forcing them to ditch previous financial predictions.

Trump’s ‘reciprocal’ tariffs on the EU and dozens of other countries have come into effect today. The EU is being hit with a 20% tariff on all goods - including products like cheese and wine. CNN’s Melissa Bell explains why EU imports to the US will now make products more expensive for consumers.

US President Donald Trump’s sweeping new tariffs have gone into full effect. When Mr Trump announced the latest round of tariffs on April 2, he declared that the US would now tax nearly all of America’s trading partners at a minimum of 10% – and impose steeper rates for countries that he says run trade surpluses with the US.

President Donald Trump is not backing down as new tariffs take effect on dozens of countries, including a 104% tariff on all Chinese products imported into the U.S.

The UK's FTSE 100 is up 6%, but Donald Trump's universal 10% levy for all countries, except China, remains in place.

Facing a global market meltdown, President Donald Trump on Wednesday abruptly backed off his tariffs on most nations for 90 days even as he further jacked up the tax rate on Chinese imports to 125%.

European shares tumbled further on Wednesday as China more than doubled its tariffs on U.S. imports, with healthcare stocks leading declines after U.S. President Donald Trump threatened more sector-specific tariffs.