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Those words seemed to do little to reassure confidence among investors, as the US S&P 500 share index fell nearly 3% the next day.

The S&P 500 share index, which tracks the biggest listed American companies, has plunged to its lowest point since September, after Trump imposed the tariffs last week and later declined to rule out the possibility of a recession.

India's benchmark Nifty 50 share index, which tracks the country's top 50 publicly traded companies, is on its longest losing streak in 29 years, declining for five straight months.

The benchmark NSE Nifty 50 share index closed down nearly 6%, its steepest fall since India's first Covid lockdowns in March 2020.

Japan’s Nikkei 225 share index rose to 40,314.64 but fell back slightly.