European shares rallied sharply at today’s market open after President Donald Trump temporarily rowed back on the sweeping global tariffs that have collapsed markets in recent days.

The Stoxx 600, which contains Europe’s largest companies, was 5.3% higher at 4:30 a.m. ET, with stocks surging across all sectors, particularly banking and industrial stocks among the worst affected by recent selloffs.

That said, gains in Europe and Asia — where Japan’s Nikkei index leapt 9% — were still relatively minor when compared with the enormous plunge most major indexes have taken since Trump said last week that he would impose blanket tariffs on almost all of America’s trading partners.

But he said yesterday that he would temporarily reduce new rates on imports to 10% for 90 days — prompting U.S. stocks to shoot sharply higher. The S&P 500 rose 9% to notch one of its largest daily gains in living memory, the Dow Jones Industrial Average jumped 7.8% and the tech-heavy Nasdaq Composite jumped 12% in one of its best ever trading days.

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