Major stock indexes saw declines as President Trump's tariff announcements on Mexico, Canada, and China spurred turmoil. Markets partially rebounded as tariffs on Mexico were delayed. Tech stocks struggled due to a Chinese AI breakthrough.

U.S. stock futures and the dollar fell on Tuesday, while Hong Kong shares slipped from two-month highs, as the U.S. and China went tit-for-tat on tariffs and raised the spectre of a broader, damaging trade conflict.

Wall Street was mixed in light trading early Tuesday as anxiety dissipated somewhat after President Donald Trump agreed to a 30-day pause on his tariff threats against Mexico and Canada. Trump's imposed tariffs on China remained in place.

U.S. stocks initially fell sharply on worries about President Trump's tariffs but pared their losses after Mexico said it had negotiated a one-month reprieve.