Traders revelling in rally wonder just how far it can go

The reaction across Wall Street was swift and euphoric. Stocks added $3 trillion in a matter of minutes after President Donald Trump paused implementation on some of his harshest tariffs.

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Not included, though, was China, America’s third-largest trading partner that sent more than $500 billion worth of goods last year. Trump also left on a 10 per cent levy against the rest of the world. It was unclear whether tariffs of 25 per cent on Canada and Mexico would remain in place. And that was cause for concern on some trading floors.

Bracing for volatility