## [Guardian:](<
Stock markets rise as Trump backtracks on high China tariffs and firing Fed chair>) Stock markets rise as Trump backtracks on high China tariffs and firing Fed chair
>>> Stock markets have risen around the world after Donald Trump said his tariffs on China would come down "substantially" and he had "no intention" of firing the chair of the US central bank, Jay Powell.
Weeks of tough talk on trade from White House officials have rattled investors and Trump now appears to be softening his tone. The president told reporters in Washington on Tuesday he planned to be "very nice" to China in trade talks and that tariffs could drop in both countries if they could reach a deal, adding: "It will come down substantially, but it won't be zero."
Overnight in Asia, Japan's Nikkei rose by nearly 2%, Hong Kong's Hang Seng was up 2.4% and the South Korean Kospi gained 1.6%.
Meanwhile, US stocks opened on a high Wednesday morning, with the Dow rallying over 800 points, and the Nasdaq Composite up over 3%.
On Wednesday, the US treasury secretary, Scott Bessent, also took a softer, optimistic tone on China in remarks delivered at the Institute of International Finance in Washington DC, saying that China "knows it needs to change".
"If China is serious on less dependence on export-led manufacturing growth and rebalancing toward a domestic economy … let's rebalance together," Bessent said. "This is an incredible opportunity."
Bessent told investors in a private meeting on Tuesday that he expects a "de-escalation" of the trade war between China and the US in the "very near future".
Investor confidence also grew after Trump told reporters he would not fire Powell, the chair of the US Federal Reserve, reversing the previous day's losses triggered by the president calling the central bank boss a "major loser".
Seems like he wants to trade with China instead kf trade war with them