(Reuters) - European shares surged on Thursday after U.S. President Donald Trump announced an immediate 90-day pause on tariffs for many trading partners, prompting a massive relief rally following a days-long market rout.

The suspension of punishing tariffs on dozens of countries came less than 24 hours after they kicked in. Still, the White House maintained a 10% blanket duty on almost all U.S. imports.

The pan-European STOXX 600 jumped 7.2% at 0709 GMT, after losing 12.5% since the U.S. reciprocal tariffs on April 2. Trade-sensitive Germany’s benchmark index rose 8.1%.

Trump, however, further ramped up pressure on China by hiking the tariff on Chinese imports to 125% from the 104% level that kicked in on Wednesday in retaliation for China’s announcement of an 84% levy on U.S. goods starting April 10.

All sectors were higher with the most battered ones this month - banks, miners and energy advancing 10.1%, 9.2% and 9.3% respectively.

A violent U.S. Treasury selloff in the previous sessions that had reignited fears of fragility in the world’s biggest bond market also showed some signs of easing on Thursday.

Tesco (OTC: TSCDY ) fell 3.8% after Britain’s biggest food retailer warned its profit would likely fall this year.