U.S. Treasury Secretary Scott Bessent hailed the progress made with China on tackling fentanyl at trade talks in Switzerland, saying Beijing is "now serious" about the issue. The talks also resulted in the suspension for 90 days of very high tariffs between the world's two largest economies,

The US and China have agreed to drastically roll back tariffs on each other’s goods for an initial 90-day period, according to a joint statement from the two countries.

Financial markets were buoyed by the latest thaw in the trade war and Wall Street stock futures climbed as the talks boosted hopes a global recession might be avoided.