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US Treasury Secretary Scott Bessent hinted at a potential major trade deal with China, stating a willingness to negotiate and rebalance the economy together. This announcement followed President Trump's statement that tariffs on Chinese goods would decrease substantially, leading to a significant rally in US stocks. The Dow Jones surged 1.4%, the S&P 500 climbed 1.8%, and the Nasdaq rose 2.3%. Tesla shares also saw a significant increase following CEO Elon Musk's announcement of reduced government work. These positive market shifts followed recent tariff increases by both the US and China.

Prepared by Christopher Adams and reviewed by editorial team.