Stock analysts had characterized Tuesday morning’s rally as a natural reaction after weeks of declines, capped by the harshest three-day sell-off in years. In a sign that trading had settled down somewhat, the Cboe volatility index, known as Wall Street’s “fear gauge,” plunged 20 percent Tuesday.
Treasury Secretary Scott Bessent told CNBC Tuesday that some 70 countries had approached the United States for negotiations, while Trump said in a social media post that he had a “great call” with the president of South Korea, saying a possible deal could be in the works.
“Their top TEAM is on a plane heading to the U.S., and things are looking good,” Trump said in a post on Truth Social.
With tariff negotiations beginning, markets “may be an important step closer to finding an equilibrium,” Mark Zabicki, chief investment officer at LPL Financial, wrote in a Tuesday research note.
The administration’s threat to impose additional 50 percent tariffs on China, however, drew sharp criticism from Beijing as China’s Commerce Ministry said it will “fight to end.”
Some Asian and European markets recovered Tuesday despite the Chinese threats of trade war escalation.
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