As the dust settles after a bruising week eased by US President Donald Trump's tariff pause, the takeaway from global investors is loud and clear: market turbulence is here to stay.In a stunning reversal on Wednesday, Trump said he would temporarily lower the hefty duties newly imposed on dozens of countries while further ramping up pressure on China. Total US duties on Chinese imports are now 145% in addition to the new tariffs, according to the White House.A massive relief rally sent the S&P 500 stock index up nearly 10% in its biggest one-day jump since October 2008, while on Thursday Japanese stocks surged 9% and European shares were set for their best day since 2020.Investors and analysts said de-risking from US markets would likely continue with investors reducing exposure to Wall Street shares and increasing exposure to safe havens.’The volatility is not over, the environment remains uncertain and some of the impacts are irreversible,’ said Sat Duhra, a portfolio manager at Janus Henderson Investors in Singapore. ‘We have to get used to more back and forth on this issue and trying to trade it on such a short term basis is one for traders not for investors.’And while Trump's tariff pause has eased recession fears, banks said they still expected a sharp slowdown in economic growth with consumer and business sentiment likely to be hit by the uncertainty around trade levies.The US dollar fell against its major peers Thursday, hitting a 10-year low against the safe-haven Swiss franc, as markets digested President Donald Trump's dramatic reversal on tariffs.
