Stock markets surged after the US announced a temporary halt on some duties while simultaneously raising tariffs on goods from a key Asian trading partner, prompting both optimism about near-term gains and caution over possible disruptions to global commerce.

Proposed steep tariffs on overseas goods by the US administration have raised concerns among major economies and businesses, prompting fears of significant disruption to global trade routes and negotiations.

The US President has threatened new tariffs on Chinese imports, prompting market turbulence as Washington pressures Beijing to retreat from its retaliatory stance.

Senior officials have dismissed market jitters and insisted on pressing ahead with imposing tariffs despite recession worries, affirming an uncompromising stance on trade measures and sparking investor unease.