US President Donald Trump’s stunning decision to pause the hefty duties he had just imposed on dozens of countries sent battered global stock markets surging on Thursday, even as he ratcheted up a trade war with China.

Trump’s turnabout on Wednesday, which came less than 24 hours after steep new tariffs kicked in on most trading partners, followed the most intense episode of financial market volatility since the early days of the Covid-19 pandemic.

Read- Markets rebound as Trump imposes 90-day pause on tariffs

The upheaval erased trillions of dollars from stock markets and led to an unsettling surge in US government bond yields that appeared to catch Trump’s attention.

“I thought that people were jumping a little bit out of line, they were getting yippy, you know,” Trump told reporters after the announcement, referring to jitters sportspeople sometimes get.

US stock indexes shoot higher

US stock indexes shot higher on the news, with the benchmark S&P 500 index closing 9.5 per cent higher, and the relief continued into Asian trading on Thursday with Japan’s Nikkei index surging 8 per cent.

European futures also pointed to big gains, but there were already signs the rally may be short-lived with US stock futures trading lower. Oil prices also fell around 1 per cent, extending a grim spell fuelled by fears that the trade tensions could push the global economy towards recession.

Since returning to the White House in January, Trump has repeatedly threatened an array of punitive measures on trading partners, only to revoke some of them at the last minute. The on-again, off-again approach has baffled world leaders and spooked business executives.

US Treasury Secretary Scott Bessent asserted that the pullback had been the plan all along to bring countries to the bargaining table. Trump, though, later indicated that the near-panic in markets that had unfolded since his April 2 announcements had factored in to his thinking.

Despite insisting for days that his policies would never change, he told reporters on Wednesday: “You have to be flexible.”

Pressure on China

But he kept the pressure on China, the world’s No. 2 economy and second biggest provider of U.S. imports. Trump immediately hiked the tariff on Chinese imports to 125 per cent from the 104 per cent level that kicked in on Wednesday.

Chinese companies that sell products on Amazon are preparing to hike prices for the US or quit that market due to the “unprecedented blow” from the tariffs, the head of China’s largest e-commerce association said.

Beijing may again respond in kind after slapping 84 per cent tariffs on US imports on Wednesday to match Trump’s earlier tariff salvo. It has repeatedly vowed to “fight to the end” in the escalating trade war between the world’s top two economies.

“The US and China are currently in a powerplay game of brinkmanship,” said ING global head of markets Chris Turner.

Beijing said it had held talks with the European Union and Malaysia on strengthening trade in response to the tensions, although Australia said it had rebuffed an offer from China, its top trading partner, to work together to counter the tariffs.

“We are not going to be holding hands with China in respect of any contest that is going on in the world,” Deputy Prime Minister Richard Marles told Sky News.

Hopes of state support helped prop up Chinese stocks on Thursday, even as its yuan currency fell to its weakest level since the global financial crisis.

Goaded China

Trump’s reversal on the tariffs imposed on other countries is also not absolute. A 10 per cent blanket duty on almost all US imports will remain in effect, the White House said. The announcement also does not appear to affect duties on autos, steel and aluminum that are already in place.

Trump’s tariffs had sparked a days-long selloff that erased trillions of dollars from global stocks and pressured US Treasury bonds and the dollar, which form the backbone of the global financial system. Canada and Japan said they would step in to provide stability if needed – a task usually performed by the United States during times of economic crisis.

Analysts said the sudden spike in share prices might not undo all of the damage. Surveys have found slowing business investment and household spending due to worries about the impact of the tariffs, and a Reuters/Ipsos survey found that three out of four Americans expect prices to increase in the months ahead.

Goldman Sachs cut its probability of a recession back to 45 per cent after Trump’s move, down from 65 per cent, saying the tariffs left in place were still likely to result in a 15 per cent increase in the overall tariff rate.

Treasury Secretary Bessent shrugged off questions about market turmoil and said the abrupt reversal rewarded countries that had heeded Trump’s advice to refrain from retaliation. He suggested Trump had used the tariffs to create maximum negotiating leverage. “This was his strategy all along,” Bessent told reporters. “And you might even say that he goaded China into a bad position.”

Bessent is the point person in the country-by-country negotiations that could address foreign aid and military cooperation as well as economic matters. Trump has spoken with leaders of Japan and South Korea, and a delegation from Vietnam met with U.S. officials on Wednesday to discuss trade matters, the White House said.

Bessent declined to say how long negotiations with the more than 75 countries that have reached out might take.

Resolution with China

Trump said a resolution with China was possible as well. But officials have said they will prioritise talks with other countries.

“China wants to make a deal,” Trump said. “They just don’t know how quite to go about it.”

Trump told reporters that he had been considering a pause for several days. On Monday, the White House denounced a report that the administration was considering such a move, calling it “fake news.”

Earlier on Wednesday, before the announcement, Trump tried to reassure investors, posting on his Truth Social account, “BE COOL! Everything is going to work out well. The USA will be bigger and better than ever before!”

Later, he added: “This is a great time to buy!!!”

Asian shares climbed and a manic bond selloff stabilised on Thursday after US President Donald Trump said he would temporarily ease the hefty duties he had just imposed on dozens of countries.

Following a days-long market rout that erased trillions of dollars from global equities and jolted US Treasury bonds and the dollar, Trump on Wednesday announced a 90-day pause on many of his new tariffs in a shock reversal.

But US stock futures and the dollar missed out on Thursday’s relief rally—despite an overnight surge on Wall Street—as investor confidence in the US administration continued to erode and the “sell America” trade gained traction.

“The world, political and financial, is looking on with horror—not bemusement—at an administration that prioritises the signing of an executive order for more water power in shower heads on the same day that the bond market breaks and investors question the long-term credibility of the administration, having flip-flopped on the largest of their policies: tariffs,” said Martin Whetton, head of financial markets strategy at Westpac.

Nasdaq futures slid more than 1 per cent after a brief rally early in the Asian session, while S&P 500 futures sank 0.75 per cent. Both indexes had notched their biggest daily gains in over a decade during Wednesday’s cash session.

The dollar fell 0.7 per cent against the yen and 0.6 per cent versus the Swiss franc, failing to sustain its sharp overnight rebound against the two safe-haven currencies—underscoring market uncertainty over the longer-term outlook.

“I think the initial move was just massive short covering, and this has given the world a bit of breathing space—except for China… because markets were starting to price in the worst-case scenario,” said Khoon Goh, head of Asia research at ANZ. “But now that the dust has settled, I think markets will try to figure out where to go from here.”

In broader markets, Japan’s Nikkei and European futures were among the standout winners of Asia’s rally.

The Nikkei surged 8 per cent, while EUROSTOXX 50 and DAX futures each climbed around 8 per cent. FTSE futures gained 5.4 per cent.

Trump’s reversal on the country-specific tariffs is not absolute. A blanket 10 per cent duty on nearly all US imports remains in effect, the White House confirmed. The pause also excludes duties already imposed on autos, steel and aluminium.

Trump further escalated pressure on China, announcing that tariffs on Chinese imports would rise to 125 per cent from the 104 per cent level introduced on Wednesday.

In turn, China raised duties on American goods to 84 per cent and imposed restrictions on 18 US companies, mainly defence-related firms.

For now, investors appeared to focus narrowly on the 90-day window Trump has given the rest of the world, rather than the broader escalation of Sino-US trade tensions.

China’s CSI300 blue-chip index rose 1 per cent, while Hong Kong’s Hang Seng advanced 2.2 per cent.

“I guess at least the relief is that global trade won’t grind to a complete halt,” said Wong Kok Hoong, head of equity sales trading at Maybank. “The China-plus-one supply chain route is still intact. With 10 per cent tariffs holding for 90 days, companies and businesses now have time—and options—to adjust.”

However, the yuan painted a more cautious picture. The onshore unit fell to its weakest level since December 2007, trading at 7.3518 per dollar. Prior to the market open, the People’s Bank of China set the midpoint rate at its lowest since September 2023.

Bond selloff

A steep selloff in bonds showed signs of easing on Thursday.

The benchmark 10-year Treasury yield dropped to 4.2774 per cent, down from a peak of 4.5150 per cent in the previous session.

The earlier rout in Treasuries—reminiscent of the COVID-era “dash for cash”—rekindled fears over fragility in the world’s largest bond market.

“Sticky inflation, a patient Federal Reserve, potential foreign buyer boycotts, hedge fund deleveraging, rebalancing out of bonds into cash, and an illiquid Treasury market are all reasons why yields continue to rise,” said Lawrence Gillum, chief fixed income strategist at LPL Financial.

Minutes from the Fed’s mid-March meeting showed that policymakers remain hesitant to deliver interest rate cuts, even as they fear Trump’s trade policy could damage growth. They expect higher tariffs to lift inflation.

Markets now price in around 80 basis points of rate cuts by December, down from over 100 basis points earlier in the week.

Elsewhere, oil prices fell as concern over the deepening US-China trade war mounted.

Spot gold extended its climb, last up 1.5 per cent at $3,128.92 an ounce.

In today’s fast-paced business environment, leadership transitions are critical moments that can define the future of an organisation. Ty Wiggins, global lead of the CEO & Executive Transition Practice at Russell Reynolds Associates, specialises in guiding CEOs, boards, and senior leaders through these pivotal periods. With over a decade of experience in executive coaching, leadership development, and academic research, Wiggins brings a unique blend of practical expertise and insights to the table.

His book, The New CEO, published last year pulls back the curtain on what it really takes to thrive in your first year as a CEO. Drawing from fresh research and unfiltered insights from top global leaders, it’s a must-read playbook for first-timers and seasoned executives alike.

Wiggins, who was in Dubai for the Emirates Airline Festival of Literature, caught up Gulf Business to share his perspectives on successful leadership transitions, the challenges executives face when stepping into new roles, and how organisations can ensure a smoother path to effectiveness for their leaders. Here’s what he had to say:

Ty, thank you for joining us today. To start, could you tell us a bit about your role at Russell Reynolds Associates and what inspired you to specialise in leadership transitions?

I lead the firm’s CEO & Executive Transition Practice, which means I work with CEOs, boards, and senior leaders to ensure successful transitions into new roles. My focus is on helping leaders navigate the complexities of onboarding, accelerating their path to effectiveness, and driving transformational change within their organisations.

Your book, The New CEO, aligns closely with your work and research. What inspired you to write it, and what readers can expect from it?

The New CEO was published in May last year. It’s really focused on that critical transition period for CEOs and senior executives — the first 12 to 18 months in the role. That’s when they face some of the most unique and high-stakes challenges, and the book is designed to support them through that.

It’s a collection of stories, experiences, and coaching advice that I’ve used with clients over the years. I’ve had the opportunity to work with over 60 CEOs as they’ve gone through their transition, along with a large number of senior executives. On top of that, I conducted qualitative research with another 35 CEOs and included insights from some featured CEOs — like those from PepsiCo, Verizon, and UPS.

So the book brings all of that together into what I hope is a really practical guide for anyone approaching a CEO or senior leadership transition. It reflects the work I lead in this space at Russell Reynolds. And honestly, I think it’s one of the best jobs in the world — sitting down with these individuals and helping them navigate such a pivotal moment in their leadership journey. That’s really the heart of what inspired the book.

You hold a PhD in leadership transitions, which is quite a niche yet incredibly relevant area. Tell us more about what drew you to this subject and what you discovered through your research.

It’s definitely not a very common academic area, but it’s a very common and critical challenge for organisations. Leadership transitions happen all the time — whether it’s a change in role, a restructure, an M&A, someone returning from paternity leave or a career break. Despite how frequent they are, these moments are high-risk, and I noticed that really capable individuals can stumble during these periods. That’s what drew me in.

My PhD focused specifically on the factors that either inhibit or promote success during leadership transitions. I wanted to understand what really makes the difference — and whether we could build something practical to help organisations and individuals navigate it better.

There are a few standout variables that consistently influence the ease or difficulty of a transition, especially at the CEO level. One is what I call “the ghost”— which refers to what happens with the outgoing CEO. If they stay involved or their shadow still lingers over the organisation, it can make it much harder for the incoming CEO to step in effectively.

Another key factor is whether the new CEO comes from inside or outside the organisation. Internal hires and external ones face very different sets of expectations and challenges. And lastly, the overall state of the organisation matters: is it performing well or underperforming? That significantly shapes the pressure and complexity of the transition.

From an individual’s perspective, one of the biggest reasons people fail in transition is that they don’t shift their mindset and behaviours to match the demands of the new level. When we’re under pressure, we tend to fall back on what’s worked for us in the past — but what got you here won’t necessarily get you there.

So things like communication style, presence, interpersonal skills, and even cognitive load become crucial. You need to evolve across all of these dimensions to really succeed in a leadership transition.

What advice do you offer female leaders preparing for the CEO role, particularly in a still male-dominated corporate environment? Have you worked with women in this transition?

I’m fortunate that, among the CEOs I work with, a greater percentage are women. And if any of them were here, they’d likely echo this: despite progress, women are still held to a different standard. There’s often a need to work twice as hard to be seen as half as capable in the eyes of the board or market. That level of scrutiny demands resilience — and while many already have it, continuing to strengthen it is key.

I also emphasise the importance of building a strong external network — someone outside the business to speak to confidently. For aspiring CEOs, having exposure to the board and building relationships at that level is invaluable. Taking on P&L responsibility is critical too — it’s difficult to step into a CEO role without ever having run one.

I encourage leaders to diversify their experiences: take on roles in different regions, functions, or cultures. That builds what we call an “enterprise mindset”, which is essential. If you’re too functionally narrow, it can limit your path to the top.

Finally, there’s a pattern I’ve observed — many women hesitate to pursue roles unless they believe they meet every requirement. Men, on the other hand, tend to go for it if they meet most. So I often remind my clients during moments of self-doubt: the board didn’t pull your name from a hat. They chose you because they believe you’re the right person for the job. Trust that. Keep going. The key is to find the balance between personal growth and business growth.

Read: 44 women leaders share advice to power your success

Many CEOs and senior leaders are deeply ambitious — not just about business growth, but also personal growth. What advice do you offer those who are striving to balance both as they prepare for or step into the CEO role? How can they navigate this dual path effectively?

The aspiration to become CEO, especially if you’re C-suite, is not only natural, it’s essential. But it’s important to understand that being in the C-suite and being the CEO are two very different experiences. While you’re in the C-suite, you’re still executing the current CEO’s vision. That means you need to show your ability to support the existing leadership, even if things aren’t exactly how you’d do them. At the same time, knowing when and how to challenge constructively is equally important.

For leaders with CEO ambitions, I always stress the importance of investing in their personal growth just as much as the business side. Building a network is key — especially one beyond your current domain. For instance, CFOs often have strong relationships with other CFOs, but if you’re aspiring to be CEO, start expanding your network to include COOs, CMOs, and other CEOs. When the time comes to present your succession plan or vision to the board, having that wider perspective can really set you apart.

Another important point is that becoming CEO is not just about being ready for the role — it’s about being prepared for the reality of the role. That’s a big theme in my book. Many people underestimate the shock of becoming CEO. The scrutiny, the expectations — it’s all very different from what they imagined, even if they’ve sat in on board meetings for years.

One of the biggest regrets I hear from new CEOs is not moving quickly enough on building or adjusting their executive team. Another is underestimating how long change takes. CEOs are, by nature, action-oriented — they want to make a mark quickly. But what I often see is they set aggressive targets early on that are hard to achieve, and in doing so, create unnecessary friction and stress.

That pace can also lead to early mistakes. We’re now seeing more CEOs being removed in their second year, which is telling. The first year is often about making moves that look good; the second year reveals whether they were good. That’s when boards start asking the harder questions. So my advice is: pace yourself. Build relationships and communicate effectively with the board, your team, and the wider organisation from the very beginning.

Ultimately, successful CEOs are the ones who balance that ambition with humility, curiosity, and a readiness to listen, learn, and adapt. Growth — personal and business — can happen in tandem, but it requires discipline, patience, and a long-term mindset.

Looking ahead, how do you see the role of the CEO evolving over the next few years? And as the world undergoes constant shifts — be it economic, cultural or societal — what should today’s ambitious leaders be preparing for to effectively lead tomorrow?

I think there are a few big shifts we’re going to see. For one, depending on what happens economically, we may find CEOs needing to be more fiscally oriented again. We’ve been through cycles like this before, and it’s something that can return based on macro conditions. But broadly speaking, the role of a CEO is definitely moving away from the old-school command-and-control model. While remnants of that still exist, the momentum is clearly toward a more people-centric leadership style — one that emphasises engagement and building strong cultures, not just issuing directives or motivating through authority.

If we look five or ten years ahead, I believe the biggest conversations around CEOs won’t just be about revenue or operational decisions. It’ll be about culture — how well a CEO has built it or, in some cases, failed to. We’re already seeing this. When organisations end up in the spotlight for the wrong reasons, media and stakeholders are increasingly pointing fingers at culture as the root cause. It’s not just about what went wrong — it’s about the environment that allowed it to happen.

So, for any executive aspiring to be a CEO in the next three to five years, you absolutely need a culture toolkit. You need to know how to assess culture, how to measure it, how to shift and sustain it. If you’re going to have your finger on the pulse of anything in the organisation, let it be culture.

Of course, none of this exists in isolation. Communication, resilience, agility — these are fundamental to leading effectively in today’s volatile environment. And perhaps most critically, it’s about choosing the right people. Building the right team around you is vital, not just internally but externally too. The role of CEO is an incredibly lonely one. That’s something people don’t often talk about. The most successful leaders I know all have what we call a “kitchen cabinet” — a trusted circle they can lean on. Ideally, you should start putting that support network in place before you take on the role, so you’re not building the plane while flying it.

Artificial intelligence models may recommend different treatments for the same medical condition based solely on a patient’s socioeconomic and demographic characteristics, researchers warn.

The researchers invented nearly three dozen different patients and asked nine healthcare large language AI models how each one should be managed, in a thousand different emergency room situations.

How does AI alter decisions?

Despite identical clinical details, the AI models occasionally altered decisions based on patients’ personal characteristics, affecting priority for care, diagnostic testing, treatment approach, and mental health evaluation, the researchers reported in Nature Medicine.

Read-UAE ranks in top 10 nations with most AI firms per capita

For example, advanced diagnostic tests such as CT scans or MRI were more often recommended for high-income patients, while low-income patients were more frequently advised to undergo no further testing, somewhat mimicking real-world healthcare inequities.

The problems were seen in both proprietary and open-source AI models, the researchers found.

AI in healthcare: Responsibility that comes with its usage

“AI has the power to revolutionise healthcare, but only if it’s developed and used responsibly,” study co-leader Dr Girish Nadkarni of the Icahn School of Medicine at Mount Sinai in New York said in a statement.

“By identifying where these models may introduce bias, we can work to refine their design, strengthen oversight, and build systems that ensure patients remain at the heart of safe, effective care,” added coauthor Dr Eyal Klang, also of the Icahn School.

Potential fixes for Sjogren’s saliva and tears symptoms

Researchers are closer to being able to fix the life-altering dryness of the mouth and eyes that afflicts patients with Sjogren’s syndrome, based on success of two approaches tested in mice.

The symptoms of the autoimmune disorder can make it hard to speak, eat and sleep. But exactly how the disease shuts down the body’s production of tears and saliva has been a mystery until now, researchers reported in the International Journal of Oral Science.

Their new study found that early in the progression of Sjogren’s syndrome, a protein called tricellulin, which clasps together the cells of the glands that produce tears and saliva, is destroyed.

Loss of the tight cellular junctions results in inadequate saliva secretion, the researchers found.

Two possible interventions – an investigational drug (AT1001) and an experimental molecule – each restored saliva secretion in the mice, one by repairing the cell junctions and the other by stopping the breakdown of the junctions before it began.

Both restored normal gland function, offering a potential blueprint for human treatment, the researchers said.

“This changes how we think about treating Sjogren’s syndrome,” study leader Dr Xin Cong of Peking University said in a statement.

“We’re moving beyond simply calming inflammation. Now we can fix the actual structural damage in the glands,” Xin said. “What’s even more encouraging is that both approaches worked, which gives us real confidence in developing patient-ready therapies.”

Experimental drug shows promise for one type of MS

An experimental drug originally developed to treat lymphomas is the first-ever to show an effect against a form of multiple sclerosis for which no approved treatments are available, researchers reported at the American Academy of Neurology meeting in San Diego.

Sanofi’s tolebrutinib, an investigational oral Bruton’s tyrosine kinase inhibitor, demonstrated a 31 per cent delay in the onset of six-month confirmed disability progression in patients with non-active, non-relapsing secondary progressive multiple sclerosis, in a clinical trial.

“This is the first clinical trial showing a positive effect in delaying disability progression in non-relapsing SPMS, a later form of the disease where neurological function gradually worsens over time and disability increases relentlessly,” study leader Dr Robert Fox of the Cleveland Clinic said in a statement.

With 1,131 patients enrolled in the trial, the rate of confirmed disability progression at six months was 22.6 per cent in the tolebrutinib group versus 30.7 per cent in the placebo group, according to a report of the study published in The New England Journal of Medicine.

More patients receiving tolebrutinib achieved improvement in disability, with a six-month confirmed disability improvement rate of 8.6 per cent versus 4.5 per cent with placebo, the researchers also reported.

Markers of disease activity, including inflammation and tissue damage, also were reduced with tolebrutinib compared with placebo.

Serious adverse events, particularly liver complications, were more frequent with tolebrutinib, which is currently under review for potential US approval.

“It appears that about one in 200 patients will have severe elevation of liver enzymes during the first three months of use, so careful monitoring is important, and the drug should be stopped immediately in those with liver enzyme elevations,” Fox said.

Separately, in two studies of patients with relapsing multiple sclerosis, tolebrutinib was not superior to Sanofi’s Aubagio (teriflunomide) in decreasing annualised relapse rates, according to a second report in the same journal.

There is no doubt that the FIFA World Cup 2022 was a catalyst for Qatar’s rapid rise as a major player in the Gulf’s retail and leisure landscape. The event ignited a wave of development, showcased Qatar’s potential to a global audience, and left behind a lasting legacy of world-class hotels, entertainment destinations, fine dining, and modern infrastructure.

Yet, the question remains: what’s next for Qatar’s retail and leisure sectors? Can they sustain the momentum generated by landmark events like the World Cup and ongoing initiatives to boost tourism and economic diversification?

Strategic government support has been instrumental in driving Qatar’s retail and tourism expansion. The Qatar Tourism Authority has played a key role in boosting visitor numbers, which reached a record 5 million in 2024 — a 25 per cent increase over the previous year.

Initiatives like Shop Qatar have further stimulated activity by promoting the country’s shopping experiences through festivals, exclusive discounts, and tourism-driven events.

Highly competitive retail sector

Despite Qatar’s strong market positioning, the path to sustained growth presents challenges. The Gulf’s retail sector is highly competitive, with Qatar, the UAE, Kuwait, and Saudi Arabia often targeting the same affluent consumer base. This has driven Qatar’s strategy of seamlessly integrating retail with its broader visitor experience, offering a unique mix of luxury, culture, and hospitality.

Qatar’s ability to attract global luxury brands has strengthened its appeal among high-net-worth visitors. Iconic hospitality names such as Raffles, Banyan Tree, Mandarin Oriental, Le Royal Meridien, W, Ritz-Carlton, and St. Regis enhance the luxury experience, while renowned fine dining establishments — including Zuma, Cipriani, Gaia, Hakkasan, and Nobu — continue to elevate Qatar’s culinary scene.

The launch of the Michelin Guide Doha and the anticipated opening of Park Chinois further reinforce Qatar’s status as a luxury travel and culinary destination.

Qatar’s local brands gaining ground

Beyond the high-end sector, local brands and homegrown concepts are gaining traction. A rising consumer preference for authenticity and cultural heritage has fueled demand for Qatari designers, artisans, and boutique retail experiences. This evolving mix of luxury and local is shaping a diverse and vibrant retail environment.

With a growing population, a well-connected award winning international airport, and an expanding hospitality sector, Qatar is well-positioned to sustain its retail and leisure momentum. By continuing to blend experiential retail, world-class events, and strategic government backing, Qatar is poised to carve out a distinctive identity in the Gulf’s dynamic retail landscape.

The writer is CEO at United Developers Qatar, the company that owns Place Vendome Qatar.

Read: How global brands can tap GCC’s luxury market