President Donald Trump's trade war rattled global markets anew on Thursday as stocks and oil prices sank amid fears China may once again respond in kind with higher tariffs to match the latest levies imposed by the United States, Reuters reported.

Battered global markets and anxious global leaders welcomed Wednesday's reprieve when Trump suddenly decided to freeze most of his hefty new duties for 90 days.

U.S. Treasury Secretary Scott Bessent tried to further assuage skeptics by telling a meeting of Trump's cabinet that more than 75 countries wanted to put in place a process for trade negotiations, and Trump himself expressed hope of a trade deal with China.

But the uncertainty in the meantime extended some of the most volatile trading since the early days of the COVID-19 pandemic, according to Reuters.