The 90-day pause on tariffs (except for China) announced on April 9 generated a temporary rebound, with increases of up to 10% on Wall Street, but the markets did not recover to pre-conflict levels, losing approximately $10.6 trillion in value since January 2025.
The tariffs, which reached levels not seen since the 1930s, have raised uncertainty, increasing fears of a global recession. Economists at Goldman Sachs estimated a 45% probability of recession in the next 12 months, while JPMorgan raised its estimate to 60%.