“Our sense is clients are way too optimistic about reaching deals with our trading partners,” Laperriere said. “We’re likely to get whipsawed by good news and bad news and uncertainty is likely to stay extremely elevated. Some tariffs will go up and some will go down. But as of this morning, we are at Smoot-Hawley levels. This is far from over.”

Trump kept the pressure on China and immediately hiked the tariff on Chinese imports to 125% from the 104% level that kicked in on Wednesday. In a tit-for-tat tariff escalation, China slapped on an 84% duty on U.S. imports on Wednesday.

U.S. stocks soared to one of their best days in history after President Trump said he would back off on most of his tariffs temporarily.