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 both pointed to progress after high-stakes trade talks over the weekend, with both sides building optimism of further deescalation from a tariff tit-for-tat that has roiled global markets.

The US president earlier said there had been a "total reset" in trade relations following a day of talks between the nations.