Stock markets rally after Trump pauses most tariffs for 90 days

Stock markets rallied in Thursday trading in response to President Donald Trump's dramatic decision to suspend planned tariffs on nearly all American trading partners for 90 days -- with the exception of China.

Key Asian indices opened Thursday with notable recoveries -- marking a reprieve for most after a week of turbulence and selloffs driven by fears of escalating trade wars and recessions.

In Japan, the Nikkei 225 was up 8% and the broader TOPIX index was up 7.6%. South Korea's Kospi was up nearly 6%.

Taiwan's Taiex index jumped 9.25% and Australia's ASX 200 rose 4.6%.

Key Chinese markets were also in the green, despite Trump's decision to raise tariffs on Chinese goods to a cumulative total of 125%. The president alleged a "lack of respect" from Beijing to explain the latest hike, his latest broadside coming after China announced 84% reciprocal tariffs on U.S. goods on Wednesday.

Hong Kong's Hang Seng Index climbed 3%, the Shanghai Composite Index jumped 1.29% and the Shenzhen Component Index rose 2.7%.

U.S. markets closed after major rebounds on Wednesday following Trump's announcement that most of his sweeping tariffs would be paused.

The Dow Jones Industrial Average climbed 2,962 points, or 7.8%, marking the index's best day since 2020. The S&P 500 jumped 9.5%, while the tech-heavy Nasdaq soared 12.1%.

U.S. stock futures dipped ahead of Thursday's trading session. As of early Thursday morning, Dow futures were down 0.34%, S&P 500 futures down 0.48% and Nasdaq futures down 0.84%.

ABC News' Max Zahn contributed to this report.