Barely one month has passed since President Trump blindsided global investors with his aggressive tariff plans. Yet U.S. stocks have already staged a remarkable recovery.

Japanese Finance Minister Katsunobu Kato drew attention by mentioning that the country’s more than $1.1 trillion in U.S. Treasury bonds could potentially be a “card on the table” in negotiations with Washington over Trump’s steep tariffs on autos and other imports.

Wall Street surged early Thursday with a string of major U.S. companies posting strong quarterly earnings in an economic environment that has grown increasingly uncertain as the U.S. upends long-standing trade policies.