All three major U.S. markets sank before regaining lost ground on fears a trade war will hobble the world’s largest economy and boost inflation.

U.S. stocks climbed after President Trump pulled back on some of his tariffs, raising hopes he may avoid a worst-case trade war that grinds down economies and sends inflation higher.

President Donald Trump and the Wall Street Journal’s opinion section are fighting over tariff policy – again. Trump railed against a Wednesday editorial in the Journal that said, with some evidence, that auto-heavy Michigan would be hurt by tariffs on imports from Canada and Mexico that Trump is once again threatening to impose.