US markets selloff resumes as tariffs continue to prompt unease

A day after the biggest stock-buying wave in years, assets tied to the economic cycle are sinking again. Photograph: Getty Less than 24 hours after US president Donald Trump backtracked on his once-in-a-century trade war to prevent a meltdown in financial markets, frantic sell-offs hit US stocks, bonds and the dollar yet again as fears of a worldwide recession engulfed Wall Street. The S&P 500 Index ended the day down 3.5 per cent as investors seized on Wednesday's historic rebound to sell. A rout in long-term Treasuries sent yields soaring after a brief respite. The dollar tumbled for a third…