Fortescue Ltd (FMG.AU) saw its stock price soar by 8.66% in Thursday's pre-market trading, as Australian shares, particularly mining stocks, staged a remarkable comeback following U.S. President Donald Trump's announcement of a pause in many of his tariffs.

The surge in Fortescue's stock was part of a broader rally in the Australian market, with the S&P/ASX 200 index jumping more than 6% and heading for its best session since the pandemic began. The mining sector, which accounts for about 20% of the benchmark, was among the top performers, climbing 7% and on track for its strongest day since late March 2020.

The catalyst for this impressive market rebound was Trump's declaration of a 90-day pause on many of his new tariffs, which he had initially unveiled last week. This shift in U.S. trade policy came less than 24 hours after the tariffs took effect, alleviating fears of a global economic slowdown that had sent markets into a tailspin. Fortescue, along with other mining giants such as BHP Group and Rio Tinto, benefited significantly from this development, with their shares rising between 7.2% and 7.8%.

Analysts at ANZ noted that these developments would likely embolden markets to look beyond tariff headlines, potentially leading to calmer volatility in the coming days. As commodity-focused companies rebounded strongly, Fortescue's substantial gain underscores the positive sentiment surrounding the Australian mining sector and its sensitivity to global trade dynamics.