U.S. markets opened with big gains Wednesday after President Donald Trump said he would not attempt to fire the head of the Federal Reserve and Treasury Secretary Scott Bessent said he expects a “de-escalation” from unsustainable tariffs against China in the trade war between the world’s two largest economies.

President Donald Trump on Tuesday said the United States is “doing fine” in trade deal talks with China, and that the sharply raised tariff rates of 145 percent on Chinese goods will eventually come down.