US stocks just had a blockbuster day after Trump pivoted on his tariff policy, but Peter Berezin says a recession is still starting.

US stocks tumbled following President Donald Trump's announcement last week of widespread retaliatory tariffs and a 10% universal import tax, triggering fears of rising consumer prices and a potential recession.

By Liz Lee, Francesco Guarascio and Jeff Mason BEIJING/HANOI/WASHINGTON (Reuters) -A week of turmoil unleashed by U.S. President Donald Trump's tariffs showed little sign of easing on Friday, with markets again tumbling and foreign leaders trying to work out how to respond to a dismantling of the world trade order.

President Donald Trump was set to meet with his Cabinet on Thursday in the 11 a.m. hour, according to the White House schedule. It comes after Trump changed course on tariffs on Wednesday, abruptly backing down on most of his severe levies against dozens of trading partners for 90 days while leaving in place a baseline 10% tariff on nearly every nation.

China is reaching out to other nations as the U.S. layers on tariffs, in what appears to be an attempt by Beijing to form a united front to compel Washington to retreat

Gold has risen to a record high as investors are flocking to safe-haven assets, as concerns over the trade war between Washington and Beijing deepen. It comes after Asian stocks s

China hiked its levies on imports of U.S. goods to 125% on Friday, hitting back at Donald Trump's decision to single out the world's No.2 economy for higher duties, while dismissing the U.S. president's tariff strategy as "a joke.

President Donald Trump on Thursday said he would return to the higher tariff rates announced last week if he can't reach a deal with trading partners during the 90-day pause he announced on Wednesday.

Small factories with tiny profit margins have played a central role in China’s international competitiveness. Many could now face disaster.