It’s a pivot for markets, which have been roiled by US President Donald Trump’s attempts to rewire global trade. He targeted China with particularly punitive tariffs, sparking a trade war and fears of a recession.
The dollar soared and Treasuries fell as the trade war between China and the US eased, stoking appetite for risk assets.
A gauge of dollar strength rose as much as 1% as the two nations agreed to temporarily lower some tariffs for 90 days. US Treasuries fell, sending the two-year yield up as much as 10 basis points to 3.99% as traders pared bets on interest-rate cuts from the Federal Reserve.
