The Globe and Mail reports in its Thursday edition that U.S. President Donald Trump backpedalled on steep global tariffs within hours of them taking effect, sparking a stunning rally in stock prices. The Globe's Mark Rendell and Janice Dickson write that on Wednesday afternoon, Mr. Trump announced a 90-day pause on the country-by-country tariffs he had unveiled only a week earlier. Dozens of countries had been hit by U.S. tariffs ranging from 20 to 50 per cent. These were lowered to 10 per cent for the next three months, in line with a baseline tariff that came into force over the weekend. The U.S. stock market, which had plummeted in the wake of Mr. Trump's "Liberation Day" announcement last week, staged a historic rebound. The S&P 500 finished up 9.5 per cent, while Nasdaq rose 12.5 per cent, reversing much of the seven-day sell-off. Other markets rose in tandem, with the S&P/TSX composite gaining 5.4 per cent, and benchmark oil prices rising more than 5 per cent. While Mr. Trump moderated his attack on most trading partners, he doubled down on China, increasing tariffs on the country's goods to 125 per cent after Beijing said earlier on Wednesday that it would increase tariffs on U.S. goods to 84 per cent.