A trade war between the world's two biggest economies is now in full swing. Chinese exports to the US face up to 245% tariffs, and Beijing has hit back with a 125% levy on American imports. Consumers,

Comments from the president and Treasury Secretary Scott Bessent raised expectations that the economic rivals could find a way to reduce the intensity of the trade war.

Shares of electric carmaker Tesla surged 6.5% in the first trading since CEO Elon Musk said his time devoted to the Department of Government Efficiency would "drop significantly" next month, paving the way for his return to the company.