Trade tensions remain high despite President Trump's decision on Wednesday to temporarily freeze U.S. tariffs on dozens of countries.

Trump's decision was the latest is a series of market-wrenching moves that have taken place since the president announced a series of tariffs on April 2. Stock market declines and a sell-off in U.S. bonds sparked some fears that the U.S. might be headed for a recession.

Already on Thursday, stocks were giving back a chunk of Wednesday's historic gain. Goldman Sachs says the tariff pause likely won't stem further declines.