• No one is out of the woods yet, even as major indexes shot up following President Trump’s Truth Social post announcing a pause on tariffs, and remarks from Treasury Secretary Scott Bessent reassuring markets that the U.S. is not in a trade war. Ultimately, the pause will provide a temporary lift after days of global market carnage, but rampant uncertainty remains.

The dreaded red turned green after President Trump pressed pause—albeit temporarily, for 90 days—on some of his tariffs in a Truth Social post on Wednesday. During the tariff freeze, a 10% universal tariff will be in effect, Trump said.

The immediate positive reaction shows the announcement was the “pivotal moment we’ve been waiting for,” Gina Bolvin, president of Bolvin Wealth Management, said in a statement. Investors see Trump’s pause as a step toward more clarity on the administration’s trade policy.

Bolvin said the timing also “couldn’t be better” given major financial institutions including Bank of New York Mellon, BlackRock, JPMorgan Chase, and Wells Fargo report earnings on Friday.

“This pause may provide companies with a clearer backdrop for their guidance, offering some relief to a market hungry for direction,” added Bolvin.

Still, the pause is just for now. Furthermore, the Trump administration carved out China from its temporary drawdown, which will now see its tariff rate increase to 125% “based on the lack of respect” that Chinese leaders have shown the U.S., the president wrote on social media.

Still, there was no word on what would happen after the 90-day halt, which means volatility could potentially be ahead. And some investors will now be forced to react to the actions they took this week to stop the bleeding.

“I empathize with those who sold out yesterday and are now watching the rebound from the sidelines,” wrote Bolvin. A disciplined long-term strategy that can withstand headline-driven market whipsaw is best during unpredictable times, she added.

Jake Schurmeier, portfolio manager at Harbor Capital and a former member of the Federal Reserve Bank of New York’s Markets Group, said news of the pause was good, but doesn’t eliminate the overarching uncertainty.

“We likely go higher for a few days, but I think permanent damage has been done,” Schurmeier told Fortune.

Bankrate senior economic analyst Mark Hamrick said in a statement investors are obviously embracing “word of a cease-fire” but will have to see if negotiations between the U.S. and other countries are successful.

Treasury Secretary Scott Bessent said negotiations between the administration and each country would be “bespoke,” but offered scant details on how those negotiations might play out and what a successful outcome might look like.

According to Hamrick, the “bloodletting in the financial markets” and the “virtual near-buyers strike” that had emerged hit stocks, bonds, and the dollar.

“The spike in the yield of the 10-year Treasury note was setting off alarm bells,” wrote Hamrick in a statement. “Something akin to a worst-case scenario has been delayed, if not averted.”

“Now, the focus turns to what happens with scores of countries including China.”