CNN: US stocks rally as Trump strikes softer tone on Europe, backs off tariff threat

“Much like the climbdown in last year’s trade conflict with China, today’s reversal should help stabilize the dollar and ease short-term volatility by removing a major tail risk for markets — but the episode has nonetheless reminded investors of the erratic nature of the current US policy regime, meaning that slow-motion diversification flows could continue for the (un)foreseeable future,” Karl Schamotta, chief market strategist at Corpay Cross-Border Solutions, said in a note.

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