"We still believe the most likely outcome is slow growth and firm inflation: Not a recession, but a backdrop where the adverse effects of trade and immigration controls on growth outweigh the boost from deregulation and fiscal largesse," Morgan Stanley strategist Michael Zezas wrote.

The 15% tariff would be lower than previously threatened, but it would remain a high duty on America’s largest trading partner.

Donald Trump's tariff announcement and pause roiled and reinvigorated Wall Street. The wild ride for stocks truly began following the close of trading on April 2. This day, common