“The story is not all over but 80 or so countries now have a long runway to negotiate trade deals with the US. The jury is still out on China, which continues to play chicken and Trump has extended an olive branch to them.”

As well as the 90-day pause, Trump lowered the higher reciprocal tariffs to a baseline 10%, while the tariff for Chinese imports into the US was lifted to 125%, China having stamped a 84% tariff on the US.

The Nasdaq Composite skyrocketed 1857 points or 12.16% to 17,124.97, its biggest single-day rise since 14.17% on January 3, 2001.

The Magnificent Seven technology stocks gained more than US$1.8 trillion ($3.15t) in value, with Nvidia rising 18.72% to US$114.33 (a US$440 billion gain); Tesla surging 22.69% to US$272.20; and Apple up 15.33% to US$198.85. Rocket Lab increased 19.85% to US$20.59.

The benchmark S&P 500 had its best day since 2008, rising 9.52% to 5456.9 points; and the Dow Jones Industrial Average was up 2962 points or 7.87% to 40,608.45, its largest points gain on record. A record total of 30 billion shares were traded during the session.

Across the Tasman, the S&P/ASX 200 Index had climbed 4.65% to 7718.3 points at 6pm NZ time. The Japanese Nikkei 225 was up 8.39% to 34,374.65 points at the same time, and the Hong Kong Hang Seng had gained 2.88% to 20,847.2.

At home, Mainfreight rebounded $4.84 or 8.57% to $61.34 after reaching an intraday high of $62.50.

Smith said only 8% of Mainfreight’s earnings come out of the US – Australia and New Zealand make up 75% and Europe 15% – and perhaps that had been under-appreciated by investors.

Market leader Fisher & Paykel Healthcare rose $1.46 or 4.42% to $34.46; Infratil regained 50c or 5.29% to $9.95; Gentrack was up 63c or 6.26% to $10.70; a2 Milk gained 25c or 2.92% to $8.81; Ebos Group added 76c or 2.01% to $38.56; and Auckland International Airport increased 33c or 4.26% to $8.08.

In the energy sector, Meridian was up 8c to $5.82; Mercury increased 20c or 3.51% to $5.90; Contact collected 17c or 1.9% to $9.10; Manawa gained 13c or 2.81% to $4.75; and Vector added 17c or 4.3% to $4.12.

Chorus rose 30c or 3.85% to $8.10; Port of Tauranga added 16c or 2.62% to $6.26; Skellerup rebounded 24c or 5.84% to $4.35; Summerset gained 37c or 3.43% to $11.15; Vista Group increased 18c or 5.42% to $3.50; and volatile Vulcan Steel was up 64c or 8.77% to $7.94.

Freightways increased 48c or 4.75% to $10.58; Fletcher Building was up 8c or 2.65% to $3.10; Michael Hill rose 2.5c or 5.81% to 45.5c; Sky TV gained 9c or 3.86% to $2.42; Synlait Milk collected 5c or 6.94% to 77c; Tower added 4c or 3.01% to $1.37; and Napier Port was up 9c or 3.6% to $2.59.

Other gainers were Air New Zealand up 1.5c or 2.63% to 58.5c; AFT Pharmaceuticals increasing 31c or 12.65% to $2.76; Tourism Holdings improving 4c or 2.5% to $1.64; Stride Property adding 3c or 2.68% to $1.15; and NZME rising 6c or 5.66% to $1.12.

Among the few decliners, Serko was down 8c or 2.23% to $3.50; Third Age Health fell 15c or 4.92% to $2.90; ikeGPS decreased 2c or 2.67% to 73c; and Allied Farmers shed 2c or 2.63% to 74c.

Carpet maker Bremworth, up 1c to 62c, announced its chief executive Greg Smith is stepping down and being replaced by industry expert Craig Woolford on a 12-month contract. Smith will stay on until April 30 to provide support.

Cooks Coffee, unchanged at 28c, reported a 35% increase in fourth-quarter sales to $21.1m at its 89 stores in the UK and Ireland, and full-year revenue of $78m, up 26.4%.