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.

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.

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.