U.S. President Donald Trump's stunning decision to pause the hefty duties he had just imposed on dozens of countries sent battered global stock markets surging on Thursday even as he ratcheted up a trade war with the world's No.

China was also left out of the pause. Trump's turnabout on Wednesday came less than 24 hours after steep new tariffs kicked in on most trading partners. It also The upheaval erased trillions of dollars from stock markets and led to an unsettling surge in U.

China's commerce minister had talks with the European trade and economic security commissioner Maros Sefcovic on Tuesday via a video call, the Chinese ministry said. Both sides will immediately carry out negotiations on electric vehicle price commitments,

President Trump implemented his sweeping tariffs on U.S. trade partners. The European Union has now approved new tariffs on U.S. goods and China is also hitting back. NBC News’ Kelly O’Donnell and Janis Mackey Frayer report the latest.