Stock markets rallied in Thursday trading in response to President Donald Trump's dramatic decision to suspend planned tariffs on nearly all American trading partners for 90 days -- with the exception of China.

Key Asian indices opened Thursday with notable recoveries -- marking a reprieve for most after a week of turbulence and selloffs driven by fears of escalating trade wars and recessions.

In Japan, the Nikkei 225 was up 8% and the broader TOPIX index was up 7.6%. South Korea's Kospi was up nearly 6%.

Taiwan's Taiex index jumped 9.25% and Australia's ASX 200 rose 4.6%.

Key Chinese markets were also in the green, despite Trump's decision to raise tariffs on Chinese goods to a cumulative total of 125%. The president alleged a "lack of respect" from Beijing to explain the latest hike, his latest broadside coming after China announced 84% reciprocal tariffs on U.S. goods on Wednesday.

Hong Kong's Hang Seng Index climbed 3%, the Shanghai Composite Index jumped 1.29% and the Shenzhen Component Index rose 2.7%.

U.S. markets closed after major rebounds on Wednesday following Trump's announcement that most of his sweeping tariffs would be paused.

The Dow Jones Industrial Average climbed 2,962 points, or 7.8%, marking the index's best day since 2020. The S&P 500 jumped 9.5%, while the tech-heavy Nasdaq soared 12.1%.

U.S. stock futures dipped ahead of Thursday's trading session. As of early Thursday morning, Dow futures were down 0.34%, S&P 500 futures down 0.48% and Nasdaq futures down 0.84%.

ABC News' Max Zahn contributed to this report.