Former Treasury Secretary Lawrence Summers applauded the Trump administration’s walk-back from what he characterized as overly aggressive trade protection measures, singling out Scott Bessent in particular for his weekend work with China.

The trade pact reached over the weekend represents another stage in the U.S. shaking its reliance on Chinese products, the Treasury chief said.

Representatives from China and the U.S. met for a second day Sunday to discuss trade policies amid fallout from President Donald Trump’s tariff plan.

Online shoppers in the U.S. will see a price break on their purchases valued at less than $800 and shipped from China after the Trump administration reached a truce with Beijing over sky-high tariffs.

The U.S.-China tariff deal sent the tech-heavy Nasdaq soaring, entering a bull market, and economists are optimistic that the U.S. may dodge a recession.

The Trump administration declared victory in a trade war with China Monday after a temporary economic ceasefire that sent the Dow leaping 1,100 points.

A deal with China is a relief to investors who worried tariffs as high as 145% would severely limit trade, raise prices and hurt the U.S. economy.

Markets are in a cheery mood after trade talks between the US and China in Switzerland over the weekend yielded what both sides described as encouraging progress. Treasury Secretary Scott Bessent hailed "substantial progress" following "productive" discussions.