US stocks fell again on Thursday after a historic rally following Donald Trump’s shock retreat on Wednesday on the hefty tariffs he had just imposed on dozens of countries.

The falls came as the president blamed “transition problems” for the market reaction and the sell-off deepened after a White House clarification noted that total tariffs on China had been raised by 145% since Trump took office.

Speaking at the White House, Trump said: “We think we’re in very good shape. We think we’re doing very well. Again there will be a transition cost, transition problems, but in the end it’s going to be a beautiful thing.”