Goldman lowered its recession call Wednesday just an hour after raising the chance in a note, as the trade war saga sparked whiplash on Wall Street.

Economists at Goldman Sachs walked back a forecast calling for a recession hours after President Donald Trump announced a 90-day pause on many of his "reciprocal" tariffs that went into effect just hours before.

Goldman Sachs has rescinded its earlier recession prediction following President Donald Trump's announcement of a 90-day suspension on new tariffs. However, the bank still foresees a deceleration in the US economy in the current year due to uncertainties surrounding policies.