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JPMorgan Chase CEO Jamie Dimon's intervention convinced President Trump to temporarily halt most planned tariffs, averting a potential market crash. Dimon's actions, influenced by the unraveling bond market, led to a significant market rebound. The trade war's impact caused Prada to renegotiate its Versace acquisition for a $200mn discount, while other deals faced delays or renegotiation. European credit markets also experienced turmoil, with increased default insurance costs. Despite the temporary reprieve, uncertainty remains regarding the long-term effects of the trade dispute.

Prepared by Christopher Adams and reviewed by editorial team.