Scott Bessent, the US Treasury Secretary, finished a two-day negotiation marathon with Chinese Vice Premier He Lifeng in Geneva on Sunday, landing what he called “substantial progress” in a deal meant to tone down the aggressive trade war between the two countries.

Donald Trump says the US has achieved a “total reset” in relations with China after both countries agreed to reduce tariffs on each other's goods for 90 days.

The announcement sent financial markets soaring after weeks of turmoil over tariff fears, with major Wall Street indexes surging.